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Perseus Mining’s subsidiary Nyanzaga Gold Project in Tanzanian (NGP) has sealed an investment deal with the Tanzanian authorities.
The agreements are the result of extensive negotiations conducted between Perseus and Tanzania’s government negotiating team, and govern the development and operation of the NGP that Perseus is currently developing.
“Prior to us recently announcing our final investment decision to develop the US$524 million Nyanzaga Gold Project in Tanzania, our team engaged extensively with Tanzania’s Government Negotiating Team and other key government officials and authorities to agree amendments to important agreements governing the development of Nyanzaga that had originally been struck between the government of Tanzania and the prior owner of the project,” said Perseus’s Managing Director and Chief Executive Officer, Jeff Quartermaine.
He said the negotiations were aimed at removing ambiguities in the terms of existing agreements between the Government and Perseus and were conducted in a very cordial and positive atmosphere by both sides, reflecting well on the Tanzanian Government’s ambition to open its doors to foreign investment and to encourage foreign participation in its highly valuable mining industry.
“From Perseus’s perspective, we were very pleased with the outcome of the negotiations that represented a classical “win win” situation. Both sides negotiated robustly on certain issues, but agreement was reached to achieve a common good and this display of wisdom and maturity speaks volumes about the way that business can and is being conducted in modern and progressive African countries such as Tanzania.”
Quartermaine said some work is yet to be done to fully implement the agreed changes.
Perseus’s team was led by our Chief Financial Officer Lee-Anne de Bruin, assisted by General Counsel, Martijn Bosboom and Tanzanian CFO and Country Manager, Isaac Lupokela.
