Perseus Mining’s Ivorian subsidiary Perseus Yaouré has secured an exploitation permit (EP) to develop and operate the company’s Yaouré gold mine in Côte d’Ivoire.

The company’s third gold mine Yaouré is located near the Ivorian capital of Yamoussoukro adjacent to the Koussou hydro-electric power station and is expected to become a large scale, low-cost gold mining operation.

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It is set to form a core asset within the asset portfolio of Perseus.

Receipt of the EP from the Government of Côte d’Ivoire is the final permit required by Perseus to start development of the Yaouré gold mine.

Perseus Mining CEO and managing director Jeff Quartermaine said: “The granting of the exploitation permit to enable development of the Yaouré gold mine is a major milestone for Perseus that firmly places us on the path to achieving our stated goal of producing more than 500,000 ounces of gold at an all-in cost of less than $850 per ounce from multiple mines in several jurisdictions in West Africa.

“On behalf of the Board and the entire team at Perseus, I thank the government of Côte d’Ivoire for granting us the exploitation licence and in doing so, recognising Perseus’s credentials as a capable, reliable and responsible participant in the Ivorian gold mining industry.”

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“The granting of the exploitation permit is a major milestone for Perseus.”

The development follows Perseus’s announcement made earlier this month that it finalised a financing plan for the Yaouré gold mine after accepting an offer from three international banks providing $150m in corporate debt facilities.

All major prerequisites for the development of the Yaouré gold mine are now in place.

Perseus said that the board will convene soon to resolve to commence full-scale development of Yaouré.