Perseus Mining expands operations to Tanzania

Perseus Mining Limited, a leading gold mining company, has made significant strides in its operations, particularly with the Nyanzaga gold project in Tanzania and plans for Meyas Sand in northern Sudan. The company reported a record revenue of US$1.026 billion for FY24, marking a 7 per cent increase from the previous year. CNBC Africa recently interviewed Jeff Quartermaine, the Chairman and Chief Executive Officer at Perseus Mining Limited, to discuss the company's progress and future plans. Quartermaine highlighted the positive impact of rising gold prices on the company's profitability, generating strong cash margins and allowing for the return of capital to shareholders and business growth. Additionally, he emphasized the economic benefits Perseus Mining brings to the countries it operates in, including local procurement, job creation, tax and royalty payments, and community investments, totaling around US$740 million in the last financial year. Environmental sustainability is also a core focus for the company, with Quartermaine underscoring the importance of maintaining a social license to operate by upholding high environmental and governance standards, and making meaningful contributions to host communities. Perseus Mining is looking to expand its operations into the East African region, particularly in Tanzania and Sudan. The Nyan Saga project in Tanzania is a key development focus, with plans to reach a final investment decision in January 2025, aiming to start production in January 2027 and significantly boost the economies of Tanzania, Ghana, and Cote d'Ivoire. Despite challenges facing the mining industry in Africa, such as demographic shifts, youth employment, and competition for land use, Quartermaine remains optimistic about the continent's untapped mineral wealth and the potential for growth and development if managed effectively by all stakeholders involved.