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Production / Operations

Perseus receives OK for underground project at Yaoure

By The Northwire Desk — AI Analysis Sep 19, 2025 · 05:19 PRU · 3.82 Perseus Mining Limited
PRU · Price

Executive Summary

  • Ivory Coast presidential decree authorizes development and underground mining of the CMA project at Perseus Mining’s Yaoure gold mine.
  • Underground declines will be driven immediately; first ore production is targeted for January 2026 with commercial production by March 2027, extending mine life to at least 2035.
  • Perseus plans to invest US$170 million in the underground mine, marking a new phase of partnership with the Ivorian government.

Key Details

  • Decree issued by President Alassane Ouattara on Sept. 18 2025 following prior environmental and social impact assessment approval and ministerial arrete in May 2025.
  • Approvals were supported by the Minister of Mines, Petroleum and Energy.
  • Infrastructure works for the underground project are complete; commissioning of underground mining equipment by contractor Byrnecut is pending.
  • Development of declines will commence once equipment is commissioned.
  • Project timeline: first ore production – Jan 2026; commercial production – Mar 2027.
  • Expected mine‑life extension to at least 2035 based on current mineral resource and ore reserve delineation.
  • Investment amount: US$170 million dedicated to the CMA underground mine.
  • CEO Jeff Quartermaine highlighted that the delay allowed completion of required infrastructure and equipment readiness.
  • Competent person statement confirms production targets are underpinned by JORC‑compliant ore reserves; assumptions unchanged since Aug. 21 2025 market announcement and Dec. 18 2023 technical report.

Notable Quotes

“Receiving the presidential decree authorizing the development of Cote 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 Yaoure processing facility.” – Jeff Quartermaine, CEO & Managing Director

“The $170‑million (U.S.) to be invested by Perseus in the CMA underground mine marks a new phase in our partnership with the government of Cote d'Ivoire in expanding its thriving mining industry.” – Jeff Quartermaine, CEO & Managing Director

Read the original news release →

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Perseus Mining Limited

M&A / Property