S&P/ASX 200 Index (ASX: XJO) gold stock Perseus Mining Ltd (ASX: PRU) announced today that it is moving forward with its Nyanzaga Gold Project (NGP) in Tanzania.

Following an update of the NGP Feasibility Study (FS), Perseus said it has taken the Final Investment Decision (FID) to develop NGP.

The Perseus Mining share price is down 2.1% at $3.25 in morning trade following the announcement. For some context, the ASX 200 is up 0.9% at this same time.

Here's what we know.

ASX 200 gold stock aims for first gold in 2027

Investors may be bidding down the ASX 200 gold stock today after Perseus reported it has committed to invest approximately US$523 million (AU$818.9 million) to develop and prepare the mine.

Perseus expects to produce the first gold from NGP in Q1 2027.

The miner said the NGP development will be solely financed via interest free, intercompany loans from its existing cash and bullion balance of US$801 million.

Having anticipated a positive decision on the FID for the new African gold mine, the ASX 200 gold stock has already spent some US$27.5 million to date to build its project team capacity and commence early works on the project.

Perseus said it has decided to move forward with a large-scale, wholly open-pit mining operation for the first phase of development rather than a smaller-scale, combined open-pit – underground option.

As for what the miner hopes to get from the NGP, it forecasts total gold production over an 11-year, phase 1 mine life of around 2.01 million ounces.

Perseus expects annual gold production to average more than 200,000 ounces of gold from FY 2028 to FY 2035, with peak production of 246,000 ounces in FY 2028.

On the cost front, over the life of the mine, the estimated average All-In Site Cost (AISC) is US$1,211 per ounce.

What did management say?

Commenting on the new mine that could support the ASX 200 gold stock longer-term, Perseus CEO Jeff Quartermaine said, "Perseus is very excited by its decision to proceed with the development of the Nyanzaga Gold Project and is looking forward to working alongside the Government of Tanzania to deliver a world class mining operation."

Quartermaine added:

Acquired in May 2024 through the successful takeover of OreCorp Limited, the Nyanzaga Gold Project will be the first major gold mine development in Tanzania in 17 years and represents a major step forward in terms of enhancing Tanzania's reputation as a favourable destination for foreign investment…

With the development of the Nyanzaga Gold Project, Perseus continues to strengthen its claim to be recognised as one of the leading gold producers operating on the African continent.

Despite today's dip, shares in the ASX 200 gold stock remain up 37% since this time last year.