Dar es Salaam. Perseus Mining, an Australian company, has officially announced the commencement of the construction of the Nyanzaga gold mine located in Sengerema District, Mwanza Region.
The announcement, made today, April 28, 2025, revealed that the project is set to cost approximately Sh1.4 trillion, equivalent to $523 million, including contingency funds.
The Nyanzaga mine is expected to produce its first gold in the first quarter of 2027.
All funds for the construction will be provided by Perseus through interest-free loans, which will be directly allocated to the Nyanzaga project.
As of March 31, 2025, Perseus reported a cash and bullion balance of $801 million, ensuring the financial backing for the project.
Perseus has already invested approximately $27.5 million in preliminary activities, including site establishment, earthworks, construction of camp facilities, as well as the implementation of the Resettlement Action Plan (RAP) and the construction of new homes for those affected by the project.
These activities mark the early stages of the project, which are well underway.
Reacting to the announcement, the minister for Minerals, Anthony Mavunde, expressed his satisfaction with the news, stating that it is a significant boost to the mining sector and a direct result of the favourable investment environment fostered by President Samia Suluhu Hassan.
He highlighted that the President’s efforts have continued to attract substantial investments into the country.
Mr Mavunde also emphasised that the announcement has brought renewed hope to the people of Sengerema, who have long awaited the project.
He assured the community that the commencement of the gold mine would generate government revenue, create jobs, and spur development within the district and the nation at large.
Furthermore, the Mr reiterated the ministry’s commitment to providing continued support to all stakeholders seeking to invest in the mining sector, with the aim of contributing to the nation’s economic growth and improving the livelihoods of its people.
