Significant milestones are being achieved at the Nyanzaga gold project in Tanzania, following Perseus Mining’s acquisition of OreCorp. The development of one of East Africa’s most substantial mining undertakings is now taking clear shape, with a confirmed reserve base supporting the targeted commencement of operations in 2027.
Project Timeline and Construction Gains Momentum
The site is currently a hive of construction activity, with critical path infrastructure being installed. Work has commenced on erecting the Carbon-in-Leach (CIL) tanks, and the first concrete foundations for the ore grinding mills are now in place. These technical achievements are essential prerequisites for the planned commissioning phase.
Key upcoming milestones for the venture include:
* Mid-2026: Completion of the permanent workforce accommodation camp.
* Ongoing: Preparatory work for initial mining activities at Tusker Hill.
* Q1 2027: Target date for first gold production.
Site preparation at Tusker Hill is already underway, keeping the project firmly on schedule to pour its first gold in early 2027.
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Substantial Resource Base Defined by Drilling
The recent project advancements are grounded in an extensive drilling campaign. More than 82,000 meters of drilling was completed across the Tusker and Kilimani deposits. A resource estimate compiled in February 2026 confirmed a reserve of approximately 4.0 million ounces of gold. With an average ore grade of 1.38 grams per tonne, this provides a robust foundation for the planned open-pit operation.
Government Partnership and Financial Framework
A crucial element for the project’s stability is the finalized agreement with the Tanzanian government. In August 2025, the state’s free-carried interest in Nyanzaga was increased from 16% to 20%. Perseus Mining retains the remaining 80% ownership and is funding the development through internal loans drawn from its existing cash and gold reserves, highlighting the venture’s financial independence from external debt markets.
For Tanzania, Nyanzaga represents a major development, being the first large-scale mine to be built in the country in nearly two decades. The collaborative relationship with state authorities is viewed as indicative of a stable regulatory climate, a critical factor for the project’s long-term viability.
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