(Ecofin Agency) - Perseus Mining, an Australian company, entered the Tanzanian mining sector this year by acquiring OreCorp and its Nyanzaga project. The project is expected to produce 234,000 ounces of gold annually for over 10 years, making it the fourth gold mine in Africa for Perseus.

Perseus Mining said it will commence production at the Nyanzaga mine in Q1 2027, its first gold mine in Tanzania. In a statement dated May 31, 2024, Perseus said it fully acquired OreCorp and will begin works on the project. OreCorp used to own the project.

We're pleased to provide an update on our recently acquired Nyanzaga Gold Project in Tanzania.

Three concurrent work streams are being implemented, including a Resettlement Action Plan, additional drilling of the Nyanzaga mineralisation, and Front-End Engineering and Design.… pic.twitter.com/f9eF2vLADZ

— Perseus Mining (@PerseusMining) May 30, 2024

These works include publishing the first mineral resource and reserve estimates for Perseus in the fourth quarter of 2024. There will also be works aimed at optimizing the engineering and investment cost estimates for the project. A final investment decision is expected by the end of the year.

“Perseus is pleased to have completed the acquisition of the Nyanzaga gold project through the takeover of OneCorp Limited…With the objective of operating at least four mines simultaneously, Perseus is well advanced towards confirming its place as a highly profitable, well managed, pan-African gold that consistently creates benefits for all stakeholders,” said Perseus CEO, Jeff Quartermaine. 

Perseus Mining already operates three gold mines, all located in West Africa, including Sissingué and Yaouré in Côte d'Ivoire and Edikan in Ghana. With these three assets, the company produces over 500,000 ounces of gold annually. According to current estimates, Nyanzaga is expected to produce an average of 234,000 ounces per year over a 10.7-year life, totaling over 70 tonnes of gold.

Emiliano Tossou