President Dr. Samia Suluhu Hassan recently advanced the landmark $523 million (1 trillion TZS) Nyanzaga Gold Mine project during talks with Perseus Mining Limited.
Located in Mwanza, it will be Tanzania’s first major new gold mine in 20 years, with production slated to begin in early 2027.
The project guarantees substantial national revenue, with the Tanzanian Government holding a 20% stake.
Recent discoveries increased gold reserves by 73% to 4.0 million ounces, extending the mine’s lifespan to 16 years. Production will peak at an impressive 250,000 ounces annually by 2028.
President Samia explicitly directed that this wealth must directly uplift Tanzanians.
The mine will generate local employment, integrate local businesses into its supply chain, and fund key community projects. Furthermore, modern housing for relocated citizens is already nearing completion.
Praising Tanzania’s improved investment climate, Perseus Mining committed to bringing major technological advancements to the sector.
The President reaffirmed the government’s readiness to support strategic investors to unlock economic opportunities for all citizens.