PERTH (miningweekly.com) – Dual-listed gold miner Perseus Mining has started the development of its Yaouré gold mine, in Côte d’Ivoire, after the board approved the $265-million development.
Yaouré is expected to become a large-scale, low-cost gold mining operation producing an average of 215 000 oz/y over the first five years of its mine life, with first gold targeted in December 2020.
“When Perseus acquired Amara Mining in April 2016, our primary objective was to bring Yaouré into production as soon as practicable. With the decision announced today, we have moved one step closer to achieving this goal and in doing so, we are firmly placed on the path of achieving our stated aim of producing more than 500 000 oz/y at an all-in site cost of less than $850/oz from multiple mines in several jurisdictions in West Africa,” said Perseus CEO and MD Jeff Quartermaine.
He noted that a significant amount of effort had gone into preparation and planning of the development of Yaouré, and given the experience the company gained in developing the Sissingue mine, Perseus was confident that Yaouré would also be developed on time and budget.
Yaouré would be funded through the combination of a $150-million revolving credit facility, as well as $120-million in existing cash and bullion, along with strong future cashflows from the company’s two producing gold mines.
Perseus is now working to finalise a mining convention with the Ivorian government by the September quarter.
Meanwhile, concurrently with the start of development activities at Yaouré, the ASX- and TSX-listed Perseus would also be undertaking exploration activities adjacent to the proposed mine site to delineate further mineralisation, which could be mined from below the planned openpit, using underground methods.