Perseus Mining makes final investment decision on Yaoure Gold Mine
Perseus Mining has reached a Final Investment Decision (FID) for the development of the CMA underground project at its Yaouré Gold Mine in Côte d’Ivoire.
This marks a significant step forward following in-principle approval by Côte d’Ivoire’s Ministry of Mines, Petroleum, and Energy, announced by Minister Sangafowa Coulibaly. The CMA underground project is set to commence in mid-2025, contingent on receiving environmental and social impact assessment approvals. Preparations, including recruitment and infrastructure development, are underway.
Key milestones include; Mobilization of Byrnecut, the appointed Australian specialist underground mining contractor, peak capital expenditure, and expected extension of Yaouré’s operational life, with possibilities for further expansion.
Yaoure Gold Mine
Byrnecut will focus on training Ivorian miners in underground mining skills, prioritizing safety and knowledge transfer, building local capacity in the mining sector. Managing Director and CEO Jeff Quartermaine emphasized Perseus Mining’s commitment to Côte d’Ivoire’s mining sector, describing the project as a pioneering initiative. The inclusion of underground operations into Yaouré’s Life of Mine Plan (LOMP) will significantly extend the mine’s operational life and strengthen its position as Perseus’ flagship operation.
Total ore reserves at Yaouré are 35.2 million tonnes (mt) grading 1.53 g/t gold (Au), containing 1.73 million ounces (moz) of gold. Of this, the CMA underground project contributes 4.9 mt at 3.51 g/t Au for 0.56 moz. Underground ore will account for approximately 20% of total ore mined, with annual mining rates of 700,000–770,000 tonnes at steady state.
The CMA underground project has an approved capital budget of $124.6 million (A$199.42 million), which includes $2.6 million in pre-approved funding and expenditure for surface infrastructure, underground equipment mobilisation, and capital development. To date, $4.1 million has been invested in project preparations, with most of the capital spend planned for FY26 and FY27.
The CMA underground project is expected to extend Yaouré’s mine life to at least 2035, with exploration ongoing to identify further mineralization. Perseus plans to release updated consolidated production and cost forecasts in the June 2025 quarter, integrating data from the CMA underground project and its Nyanzaga Gold Mine. This development underscores Perseus’ long-term strategy to solidify its position as a key player in West Africa’s gold mining industry.
