- Australian miner Perseus sells its stake in Sudan’s Meyas Sand gold project for $372M.
- The sale allows Perseus to focus on mines in lower-risk countries like Ghana and Côte d’Ivoire.
- Conflict in Sudan has disrupted investment and development at the project site.
AUSTRALIAN gold miner Perseus Mining has announced that it will sell its 70% stake in the Meyas Sand Gold Project in Sudan for approximately US$372 million, the company said.
The buyer is Matrix Group, which has been a development partner in the project, according to Perseus.
Perseus said that the sale is expected to bring in around US$260 million in cash for the company, while the Sudanese government and local partner will keep their 20% and 10% stakes, respectively.
The Meyas Sand project is located in northern Sudan’s Block 14 mining concession, roughly 900 kilometres north of Khartoum, close to the Egyptian border.
Perseus acquired this asset in 2022 when it took over the Canadian miner Orca Gold.
The project is known to contain significant gold deposits at Galat Sufar South and Wadi Doum, which both Perseus and geological studies have identified as promising undeveloped gold prospects.
Perseus Chief Executive Craig Jones expressed that the company still considers the project to be “high quality,” but the ongoing conflict in Sudan has complicated its development.
“Perseus maintains the view that the MSGP is a high quality gold project … the sale represents an important step for Perseus in its portfolio optimisation,” Jones said.
Sudan’s civil war, which started in 2023, has severely disrupted infrastructure, financing, and long-term planning for foreign investors in the mining sector.
Perseus also operates other gold mines in Ghana and Côte d’Ivoire.
The company noted that this sale will enable it to concentrate its resources on countries with lower geopolitical risks.
