Perseus Mining has taken a final investment decision (FID) on the development of the CMA underground project at the Yaoure Gold Mine in Côte d’Ivoire.
This decision follows in-principle approval from the Ministry of Mines, Petroleum and Energy, announced by Minister Sangafowa Coulibaly on 28 November 2024.
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The project is expected to commence in mid-2025, pending environmental and social impact assessment approval.
Perseus has appointed Byrnecut, an Australian specialist underground mining contractor, as the primary mining contractor.
Byrnecut will train Ivorian miners in underground mining skills, focusing on safe working practices. The contractor, experienced in West Africa, is expected to mobilise on site by April 2025.
Perseus Mining managing director and CEO Jeff Quartermaine said: “Perseus is proud to be playing a pioneering role in Côte d’Ivoire’s mining sector with our affirmative decision to invest in the development of the CMA underground project at our Yaouré Gold Mine.
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By GlobalData“This investment decision reaffirms our commitment to being a long-term partner in the development and production of Minerals Resources in Côte d’Ivoire. Very importantly, with the inclusion of the CMA underground operation into the Yaouré mine LOMP, we will materially extend the life of this mine.”
Total ore reserves for Yaoure are estimated at 35.2 million tonnes (mt) grading 1.53 grame per tonne (g/t) of gold (Au), with 1.73 million ounces (moz) Au, including 4.9mt at 3.51g/t for 0.56moz associated with the CMA underground project.
“Since producing first gold at Yaouré in December 2020 at the height of the Covid pandemic, Yaouré has been become the flagship operation of Perseus’ business and with the decision to proceed with the underground operation, we have ensured that this will continue to be the case for some time to come,” Quartermaine added.
The CMA underground project will extend the Yaoure mine’s operational life until at least 2035, with potential for further extensions through additional discoveries.
The extension into underground operations will allow further utilisation of the CMA deposit.
At steady state production rates, underground ore will represent around 20% of the total ore mined, with a planned annual mining rate of 700,000–770,000t.
Preparations for underground operations are under way, including recruitment and infrastructure development.
The approved capital for the CMA underground development is $124.6m (A$199.42m), including $2.6m of pre-approved funding.
This budget covers surface infrastructure, underground equipment mobilisation and capital development.
Most capital expenditure is scheduled for fiscal year 2026 (FY26) and FY27. To date, $4.1m has been spent on project preparations.
Perseus plans to publish consolidated group production and cost forecasts in the June 2025 quarter, incorporating details from updated life-of-mine plans for its existing and planned mines including Yaoure and the Nyanzaga Gold Mine.
