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Yaoure gets Perseus go-ahead

Perseus Mining has given the formal go ahead for development of the Yaoure gold project in Cote d’Ivoire, setting the gold miner on course for a production profile more than 500,000 ounces per annum by early next decade.
Yaoure gets Perseus go-ahead Yaoure gets Perseus go-ahead Yaoure gets Perseus go-ahead Yaoure gets Perseus go-ahead Yaoure gets Perseus go-ahead

Yaoure in Cote d'Ivoire

Michael Quinn

First gold from opencut mining is pegged for December 2020, with the project's US$265 million capital cost funded out of a $150 million debt facility and Perseus' cash holdings.

The project is to feature a 3.3 million tonne per annum plant with average annual gold production of 215,000oz at all-in-sustaining-costs of US$734/oz for first five years of production.

Development risk is mitigated by Perseus' recent development in Cote d'Ivoire of the Sissingue operation.

Sissingue project builder Lycopodium has got the job at Yaoure.

Perseus acquired the Yaoure project in 2016 via its takeover of Amara Mining.

Perseus is currently producing at an annual run rate of about 280,000-300,000oz

Shares in Perseus closed Friday at A44c, capitalising the company at $514 million.

At that price the stock is at similar levels to 12 months ago.