The sale reflects growing challenges for foreign investors operating in Sudan since conflict erupted in 2023.
The project lies around 900 kilometres north of Khartoum, close to the Egyptian border, within Sudan’s Block 14 mining concession, an exploration area spanning roughly 1,000 square kilometres.
Perseus acquired the asset in 2022 through its takeover of Orca Gold, positioning the company to develop what could have become one of Sudan’s largest modern gold mines.
Geological studies estimate the project contains around 2.85 million ounces of probable gold reserves and 3.34 million ounces of measured and indicated resources.
Civil war reshapes investment decisions in Sudan’s mining sector
However, the eruption of the Sudanese Civil War (2023–present) dramatically altered the country’s investment climate.
Although the Meyas Sand site itself has remained relatively stable due to its remote desert location, the wider security situation has complicated logistics, financing and long-term construction planning.
Perseus’s Chief Executive Officer Craig Jones said: “Perseus maintains the view that the MSGP is a high quality gold project. A strategic review of MSGP was undertaken as a result of the protracted armed conflict in Sudan and its impact on Perseus’s ability to progress the development at suitable scale.”
“The sale represents an important step for Perseus in its portfolio optimisation and allows allocation of resources to core assets and its growth strategy. Matrix Group is a proven development partner with a vision for the MSGP that aligns with the development goals of Sudan.”
For Perseus, which operates producing gold mines in Ghana and Côte d’Ivoire, the decision allows the company to concentrate on jurisdictions with lower geopolitical risk while uncertainty continues to surround Sudan’s political and security environment.
