Perseus Mining (ASX:PRU) has received approval from Côte d’Ivoire’s Presidential Decree authorising the development and operation of the CMA underground project at the Yaouré Gold Mine in the central region of the country.
Infrastructure projects associated with the CMA underground mine development have been completed, following the commissioning of the underground mining equipment by a specialist contractor Byrnecut.
Perseus, which has a market capitalisation of $5.66 billion, says establishing the underground operation below the CMA open pit will extend the mine life of Yaouré until at least 2035.
The next major milestone for CMA will be the first ore production, scheduled for January 2026, with commercial production scheduled to be reached in March 2027.
CEO Jeff Quartermaine says this allows the company to immediately proceed with the cutting of portals and gain access to further important ore sources for processing through the Yaouré processing facility.
“While receipt of the formal authorisation comes later than originally planned, the delay has allowed us time to complete all infrastructure works required to support the operation as well as ensure that Byrnecut’s underground equipment is available and commissioned ready for immediate commencement of mining operations,” Quartermaine says.
“The US$170 million to be invested by Perseus in the CMA underground mine marks a new phase in our partnership with the Government of Côte d’Ivoire in expanding its thriving mining industry.”
The Yaouré Gold Mine poured its first gold in December 2020. In September 2023, Perseus extended Yaouré’s operational life to more than 12 years. The mine is expected to produce 210,000 ounces of gold per year over the next five years of its mine life at an average all-in sustaining cost of US$1,104 ($1,669) per ounce.
Write to Aaliyah Rogan at Mining.com.au
Images: Perseus Mining
