Perseus Mining has signed key agreements with the Tanzanian government for the Nyanzaga Gold Project, enabling mine development to start. First gold is expected in Q1 2027, with annual production projected at over 200,000 ounces and total capital expenditure of USD 523 million.
The signing ceremony took place on 20 August 2025 and included an addendum to the Framework Agreement and an addendum to the Shareholders’ Agreement, both originally dated 13 December 2021. These agreements govern the development and operation of the project, which Perseus committed to proceeding with following its Final Investment Decision in April 2025.
The NGP is forecast to produce an average of more than 200,000 ounces of gold per year between FY28 and FY35, with peak production of approximately 250,000 ounces in FY28. The operation will have an estimated life-of-mine average All-In Site Cost (AISC) of USD 1,211 per ounce. First gold production is targeted for Q1 2027. Perseus’s Managing Director and CEO, Jeff Quartermaine, said the agreements followed extensive negotiations with Tanzania’s Government Negotiating Team. “Negotiations were aimed at removing ambiguities in the terms of existing agreements between the Government and Perseus and were conducted in a very cordial and positive atmosphere by both sides,” he said.
Read more at: https://www.tanzaniainvest.com/mining/perseus-nyanzaga-gold-project-secures-government-agreements
