• Perseus begins building the Nyanzaga gold mine, targeting first production in 2027.
• The project will deliver 2 million ounces of gold over 11 years.
• Construction is fully funded with company resources.

On June 25, Perseus Mining officially launched construction of its Nyanzaga gold project in Tanzania. The announcement came via the company’s official X (formerly Twitter) account. The launch follows the final investment decision (FID) made in April and marks a new chapter in the development of this $523 million project, acquired through the 2024 takeover of OreCorp.

Construction is officially underway at our Nyanzaga Gold Project in Tanzania, and is gathering strong momentum.

Recent progress at the project has included:

✅ Major focus on bulk earthworks, laying the groundwork for future infrastructure
✅ New camp establishment ramping… pic.twitter.com/kKcHrohn7e

— Perseus Mining (@PerseusMining) June 25, 2025

Perseus reports that early-stage construction activities are underway. These include the establishment of a new residential camp with logistical facilities for future staff, earthworks, and the building of a new access road to the mine site.

The company expects to complete construction by 2027, when commercial production is set to begin. Over an estimated 11-year lifespan, the mine is projected to yield 2 million ounces of gold, with an average annual output of 200,000 ounces.

Once operational, Nyanzaga will expand Perseus’s West African portfolio, which currently includes the Yaouré and Sissingué mines in Côte d’Ivoire and the Edikan mine in Ghana. Between 2026 and 2030, Perseus aims to maintain an average annual production between 515,000 and 535,000 ounces—a target heavily reliant on delivering Nyanzaga on time. The company confirmed it will fully finance the project’s $523 million construction budget from internal resources, avoiding external debt or equity dilution.

This article was initially published in French by Aurel Sèdjro Houenou

Edited in English by Ange Jason Quenum