editor
Tanzania is set to welcome a major transformation in its mining sector as a leading global mining firm has committed over $523 million approximately Sh1.4 trillion to develop the long-anticipated Nyanzaga Gold Project in the northwestern region of the country.
The final investment decision was announced on April 28, 2026, following months of negotiations between the company and the Tanzanian government. The project, which had been on hold pending these discussions, will now move forward with full financing drawn from the company’s internal cash and gold reserves, which totalled $801 million at the end of March 2025.
This marks the first major gold mine to be developed in Tanzania in nearly two decades—a development that is being hailed as a significant boost for the country’s economy and investment climate.
Speaking after the announcement, the company’s chief executive described the project as a “milestone moment” for both the business and Tanzania. “We are excited to get started on Nyanzaga and to work closely with the Tanzanian government to build a mining operation that not only delivers economic value, but also supports long-term development,” he said.
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The new mine is expected to generate substantial local employment, improve infrastructure, and increase government revenue through royalties and taxes. It is also seen as a key opportunity to attract further investment into Tanzania’s mining sector, especially in an era where governments across the continent are seeking to add value locally rather than just export raw materials.
Nyanzaga is set to become a central part of the company’s Africa-focused gold production portfolio, joining operations already established in West Africa. The company’s goal is to reach an annual production level of 500,000 to 600,000 ounces of gold from its African assets—positioning it as a serious player in the global gold market.
Analysts view this decision as a vote of confidence in Tanzania’s regulatory environment and political stability. With the government pushing forward reforms aimed at improving transparency and increasing local benefits from extractive industries, projects like Nyanzaga are seen as models for responsible mining.
