Australian firm commits $523 million to develop gold project in Tanzania

Dar es Salaam. Australian company Perseus Mining Limited has confirmed a final investment decision (FID) to proceed with the development of the Nyanzaga Gold Project (NGP) in Tanzania, committing approximately $523 million (about Sh1.4 trillion) to bring the project into production.

The project had stalled for months to wait for negotiations between the company and the government.