Perseus Mining Secures Presidential Decree for CMA Underground Project at Yaouré Gold Mine
Perseus Mining has been granted a presidential decree, authorizing the development and operation of the CMA underground project at its Yaouré Gold Mine in Côte d’Ivoire. This milestone paves the way for the expansion of the mine and extends its operational life significantly.
Extending Mine Life and Boosting Production
The establishment of the underground operation beneath the CMA open pit is projected to extend the Yaouré Gold Mine’s operational life until at least 2035, based on current mineral resource and ore reserve estimates. Infrastructure work is complete, and decline development will commence after the commissioning of underground mining equipment by Byrnecut, a specialist contractor.
- First ore production is targeted for January 2026.
- Commercial production is scheduled to follow in March 2027.
- The project represents a substantial investment in Côte d’Ivoire's mining sector.
Key Statements and Strategic Impact
Jeff Quartermaine, Perseus CEO and managing director, hailed the decree as a "major milestone," enabling immediate commencement of portal cutting and access to new ore sources for the Yaouré processing facility. He also acknowledged the delay in formal authorization, which allowed for infrastructure completion and equipment readiness.
“Receiving the Presidential Decree authorising the development of Côte d’Ivoire’s first underground mine is a major milestone for Perseus, allowing us to immediately proceed with the cutting of portals and ultimately gaining access to further important ore sources for processing through the Yaouré processing facility.” - Jeff Quartermaine, Perseus CEO and Managing Director
The Presidential Decree followed the approval of an environmental and social impact assessment and a Ministerial Arrêté by the Minister of Environment, Sustainable Development and Ecological Transition. Perseus made a final investment decision on the CMA underground project earlier this year. The $170 million (A$257.92m) investment signifies a new phase in Perseus' partnership with the Government of Côte d'Ivoire.
Côte d'Ivoire's Mining Sector Growth
The Perseus Mining CMA underground project represents a substantial investment of approximately $255 million (US$170 million) into Côte d’Ivoire’s mining infrastructure. This capital commitment demonstrates Perseus Mining’s long-term confidence in the region’s mining potential and aligns with Côte d’Ivoire’s broader economic diversification strategy beyond traditional agricultural exports.
Byrnecut will play a crucial role in training local Ivorian miners, marking Côte d’Ivoire’s transition into mechanised underground mining operations. The project is expected to extract 700,000-770,000 tonnes of underground ore annually, contributing significantly to the country's gold production.
Project Timeline and Financial Outlook
The development positions Perseus Mining as a regional pioneer in underground mining technology, with the project aiming for first ore production in January 2026 and commercial production in March 2027. The company maintains a robust financial position, supporting investor confidence in the expansion project.
| Project Parameter | Detail |
|---|---|
| First Ore Production | January 2026 |
| Commercial Production | March 2027 |
| Mine Life Extension | At least 2035 |
| Annual Underground Ore Extraction | 700,000-770,000 tonnes |