President Samia Suluhu Hassan said the project signals rising investor confidence in Tanzania’s mining industry and reflects broader reforms aimed at improving the country’s investment climate.

Speaking at State House in Chamwino, Dodoma, during talks with executives from Perseus Mining Limited and officials from Sotta Mining Corporation, the President described the project as a major step in Tanzania’s efforts to strengthen the mining sector and accelerate economic transformation.

“This investment reflects the confidence investors have in Tanzania and the reforms we are undertaking to improve the business environment,” she said.

The Nyanzaga mine, located in Sengerema District in the northwestern Mwanza Region, is emerging as one of the country’s largest new gold developments in nearly two decades, at a time when several African economies are seeking to expand mineral production to capture stronger global demand for strategic and precious metals.

Project officials told the President that gold reserves at Nyanzaga had risen sharply to 4.0 million ounces as of February 2026, up from 2.3 million ounces previously — an increase of about 73 per cent. The revised estimates are expected to extend the mine’s operational lifespan to around 16 years.

Once operational, the project is projected to produce an average of 200,000 ounces of gold annually, with peak output forecast at 250,000 ounces in 2028.

The project is being developed through Sotta Mining Corporation Limited, a joint venture in which Perseus Mining holds an 80 per cent stake while the Tanzanian government retains a 20 per cent interest — a model increasingly used across Africa as governments seek greater participation in natural resource projects.

Across the continent, countries including Ghana, Mali and Burkina Faso remain among Africa’s leading gold producers, but East African nations such as Tanzania are increasingly attracting fresh exploration and mining investment due to relatively stable policy reforms, expanding infrastructure and significant untapped reserves.

Tanzania is already among Africa’s top gold producers, with mining serving as a key source of export earnings and foreign exchange. Analysts say projects such as Nyanzaga could further strengthen the country’s position as regional competition for mining capital intensifies.

President Samia stressed that the project should generate direct benefits for Tanzanians, particularly communities surrounding the mine.

“We expect this investment to create jobs, support local businesses and improve livelihoods in surrounding communities,” she said.

She also called for broader Tanzanian participation across the mining value chain, as the government pushes for increased local content and greater domestic economic benefits from natural resource investments.

Construction of the mine and related infrastructure is progressing alongside development of a permanent workers’ camp expected to be completed by mid-2026. Housing for residents affected by the resettlement and compensation programme is also nearing completion.

Executives from Perseus Mining praised Tanzania’s investment environment and pledged continued cooperation with the government in developing mining infrastructure and technology.

The Nyanzaga project comes at a time of renewed international interest in African gold assets, supported by elevated global bullion prices, geopolitical uncertainty and growing demand from central banks seeking to diversify reserves.

For Tanzania, the project represents both a major mining investment and a broader test of its strategy to balance foreign investment attraction with greater national participation in the extractive sector.

Notes to Editors

– The Nyanzaga Gold Project is a 523 million US dollar mining investment located in Sengerema District, Mwanza Region, northwestern Tanzania.

– Commercial gold production is expected to commence in early 2027 following the transition into full-scale construction.

– The project is being developed by Sotta Mining Corporation Limited, a joint venture between Perseus Mining Limited (80 per cent stake) and the Government of Tanzania (20 per cent stake).

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