Perseus Mining (ASX, TSX: PRU) has secured a major milestone in West Africa, receiving presidential authorization to develop Côte d’Ivoire’s first underground gold mine at the Yaouré site.
The decree, signed by President Alassane Ouattara, follows prior approval of the environmental and social impact assessment and a ministerial decree in May. The CMA underground project, located about 50 km northwest of Yamoussoukro, marks a significant expansion of Perseus’ regional footprint.
“Receiving the presidential decree authorising the development of Côte d’Ivoire’s first underground mine is a major milestone for Perseus, allowing us to immediately proceed with the cutting of portals and access further important ore sources for processing through the Yaouré facility,” said CEO Jeff Quartermaine.
Yaouré, one of three African mines operated by Perseus, is central to the company’s strategy to raise annual gold production by roughly 6.6%, reaching up to 530,000 oz. by 2030. The mine is expected to account for approximately one-third of Perseus’ total output of 2.6–2.7 million oz. over the same period. In addition to operations in Ghana, Perseus is developing a fourth mine in Tanzania, scheduled to produce its first gold in 2027.
Shares of Perseus rose 2.1% to C$3.90 in Toronto, giving the company a market capitalization of about C$5.3 billion, after trading between C$2.16 and C$3.98 over the past year.
Extended Mine Life
Contractor Byrnecut has begun commissioning equipment to start underground development. Perseus expects the underground project, based on current ore reserves, to extend Yaouré’s operational life to at least 2035.
“The delay in formal authorization allowed us to complete all necessary infrastructure and ensure Byrnecut’s equipment is ready for immediate underground operations,” Quartermaine added.
Project Timeline and Production
The $170 million underground project was formally approved in January. First ore is expected in January 2026, with commercial production slated for March 2027. Yaouré is projected to produce between 870,000 and 905,000 oz. by 2030 at an all-in sustaining cost of $1,480–$1,580 per oz.
Measured and indicated resources at Yaouré total 54.1 million tonnes grading 1.49 g/t gold, containing 2.59 million oz. This includes 7.4 million tonnes grading 4.16 g/t (966,000 oz.) in the CMA underground area. Inferred resources add another 16.9 million tonnes at 1.8 g/t, containing 982,000 oz., including 4.7 million tonnes grading 3.4 g/t (514,000 oz.) in the CMA zone.
The project underscores Perseus Mining’s commitment to expanding gold production in West Africa while leveraging underground mining techniques to extend the life and productivity of existing assets.
