Nyanzaga investment signals economic upside

MWANZA: THE 523 million US dollars (about 1.35tri/-) Nyanzaga Gold Mine project in Sengerema, Mwanza, is expected to deliver significant economic benefits to Tanzania, with projections indicating at least 16 years of gold production and sustained revenue generation for both local communities and the national economy.

With an estimated reserve of four million ounces of gold, the project is poised to become a key contributor to the country’s long-term economic growth.

The management of Perseus Mining has reaffirmed its commitment to sustainability, local development, and lasting economic contribution as the project moves closer to production, which is scheduled to begin in January 2027.

Speaking in Dar es Salaam on Tuesday, the company’s Managing Director and Chief Executive Officer, Craig Jones, described Nyanzaga as a “world-class” gold project currently under construction and progressing on schedule.

He noted that reaching first gold production will mark a significant milestone in Tanzania’s mining sector. Jones emphasized that the project aligns closely with Tanzania Development Vision 2050, ensuring that the mining industry continues to play a central role in national economic transformation.

He added that Perseus Mining’s approach encompasses environmental management, workforce safety, local employment, and broader economic participation, with a focus on delivering fair and equitable returns to all stakeholders, including the Government of Tanzania and surrounding communities.

Perseus Mining holds an 80 per cent stake in the project, while the government owns the remaining 20 per cent. Construction is currently about halfway complete, with approximately 250 million US dollars (about 648bn/-) already invested.

Chief Financial Officer Lee-Anne de Bruin highlighted the strong local workforce presence at the site, noting that more than 3,000 employees and contractors are currently engaged, with 97 per cent being Tanzanians.

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“Our focus is on employing, uplifting and up-skilling Tanzanians, particularly those from the local region,” she said, adding that the company is also prioritising procurement from local suppliers to boost domestic economic participation.

Independent Non-Executive Chairman Rick Menell underscored the company’s responsibility in managing Tanzania’s natural resources.

“The treasure that has brought us here belongs to Tanzania,” he said.

“We take our responsibility as stewards and custodians of this treasure very seriously.” He added that the company envisions Nyanzaga evolving beyond mining into a hub for skills development.

“Our hope is that Nyanzaga becomes a technical training centre to refill the pipeline of the future. We also hope that the partnerships we build and the example we set will benefit many more people and communities beyond ourselves.”