Over $260 Million Deal: Chinese Firm Acquires Australian Gold Project in Sudan

Australia’s Perseus Mining has announced its withdrawal from a major gold project in Sudan, selling its 70 percent stake in the Meyas Sand project in eastern Sudan to a Chinese company in a deal valued at up to $260 million.

The decision comes four years after the company entered the Sudanese market and underscores the impact of the ongoing war on foreign investment in the country.

In a statement issued on Monday, March 16, the company confirmed that the agreement with Zhejiang Legend Investment includes an upfront payment upon signing, with the remaining balance to be settled upon completion of the transaction, expected on April 22.

Perseus attributed its exit to a comprehensive strategic review, noting that the project has faced significant disruptions since 2023 due to the conflict in Sudan, which has hindered its development plans.