Nyanzaga gold project on course for 2027 production

Dar es Salaam. Perseus Mining has reaffirmed its commitment to sustainable mining and local economic development as construction of the $523 million (about Sh1.3 trillion) Nyanzaga Gold Mine in Sengerema, Mwanza, progresses towards first production in January 2027.

The company’s managing director and chief executive officer, Mr Craig Jones, said the project, described as a “world-class” operation, aremains on schedule, marking a significant addition to Tanzania’s mining sector.

Perseus Mining is the parent company of Sotta Mining Corporation Limited operating the Nyanzaga Gold Mine.

Speaking during a cocktail reception in Dar es Salaam, Mr Jones said the mine, which has an estimated reserve of four million ounces of gold, is expected to operate for at least 16 years, generating long-term revenue for both local communities and the national economy.

He noted that the investment aligns with Tanzania’s Development Vision 2050, positioning the mining sector as a key driver of economic growth.

“Our approach goes beyond extraction to include environmental stewardship, workforce safety, local employment and equitable value-sharing among stakeholders, including the government of Tanzania and host communities,” he said.

Perseus Mining holds an 80 percent stake in the project, while the government owns the remaining 20 percent through a joint venture operated by Sotta Mining Corporation Limited.

The mine is currently about halfway through construction, with approximately $250 million already invested.

The company’s Chief Financial Officer, Ms Lee-Anne de Bruin, said the project has prioritised local participation, with more than 3,000 employees and contractors currently engaged, 97 percent of whom are Tanzanians.

“Our focus is on employing, uplifting and upskilling Tanzanians, particularly those from the surrounding communities,” she said, adding that the firm is also sourcing goods and services from local suppliers to strengthen domestic value chains.

Independent Non-Executive Chairman Mr Rick Menell said the company recognises its responsibility in managing Tanzania’s natural resources.

“The resource belongs to Tanzania, and we take our role as custodians seriously,” he said, adding that the company envisions the project evolving into a centre for technical skills development.

“We hope Nyanzaga will contribute to building a pipeline of skilled professionals and create lasting benefits beyond the life of the mine,” he added.

Country Manager Mr Isaac Lupokela said the mining sector currently contributes about 10 percent to Tanzania’s gross domestic product in the 2025/26 financial year, with expectations of further growth once Nyanzaga becomes operational.

“With an investment of over $523 million, the project is expected to significantly expand economic activity once production begins,” he said.

Beyond Nyanzaga, Perseus Mining operates two gold mines in Côte d’Ivoire and one in Ghana, with the Tanzanian project set to become its fourth operation in Africa.

The company is also undertaking exploration activities in the country to extend the mine’s lifespan beyond the current 16-year outlook.