Perseus starts building new gold mine in Tanzania

Perseus Mining has begun construction on the Nyanzaga gold mine in Tanzania, aiming to create a new site that could produce over 200,000 ounces of gold annually for 14 years. The project, with a budget of approximately 523 million USD, is expected to start producing gold by January 2027.

Perseus reports quarterly drop in gold output

Perseus reported a decline in gold production during the first quarter of its fiscal year 2027, which runs from July to September 2026. The company produced 92,551 ounces of gold, down from 109,013 ounces in the previous quarter, as it prepares for the launch of Nyanzaga.

Current production comes from West Africa

Currently, Perseus' gold production is entirely sourced from West Africa, where it operates three mines: Yaouré and Sissingué in Côte d'Ivoire, and Edikan in Ghana. All three sites saw a reduction in output compared to the previous quarter, though the company says the results align with its forecasts.

Sissingué mine exceeds expectations despite drop

At the Sissingué mine, for example, production dropped to 20,073 ounces from 28,161 ounces in the previous quarter. However, Perseus noted that the site's performance "exceeded expectations," indicating that the decline was less severe than anticipated.

Perseus maintains annual production targets

Despite the quarterly drop, Perseus remains confident in its annual production goals for the 2027 fiscal year, targeting between 420,000 and 480,000 ounces of gold. The company produced 404,998 ounces in the previous fiscal year, suggesting it is on track to meet or exceed its targets.

Nyanzaga to boost production in 2027

The new Nyanzaga mine is expected to contribute significantly to Perseus' output, with initial production of around 55,000 ounces during the first months of the 2027 fiscal year. This early output will be crucial in determining how well the mine meets its long-term production goals.

Long-term goal focuses on 500,000 ounces annually

Perseus aims to achieve an average annual production of 500,000 ounces of gold between 2026 and 2030. The successful launch of Nyanzaga will be a key factor in reaching this goal, as the mine is designed to produce over 200,000 ounces per year for 14 years.