Perseus Mining Limited has made the Final Investment Decision (FID) to develop the CMA underground project at its Yaouré Gold Mine in Côte d’Ivoire. This decision follows the Ministry of Mines’ approval and marks a significant step towards extending the mine’s operational life. The project will see the appointment of Byrnecut, an Australian underground mining specialist, as the primary contractor, focusing on training Ivorian miners and ensuring safe working practices.
Perseus Mining Limited (ASX/TSX: PRU) has announced the Final Investment Decision (FID) to develop the CMA underground project at the Yaouré Gold Mine in Côte d’Ivoire. This decision follows the Ministry of Mines, Petroleum and Energy’s in-principle approval for the project, as announced by Minister Sangafowa Coulibaly on November 28, 2024.
The approval signifies a crucial step towards the commencement of the CMA underground project, scheduled to begin in mid-2025 with the development of the first portal. This development is contingent upon the final approval of the project’s Environmental and Social Impact Assessment (ESIA) by the Ministry of Environment, Sustainable Development and Ecological Transition, which is currently underway, and the formal issuance of a Ministerial Decree, as indicated in Minister Coulibaly’s announcement.Following the FID, Perseus Mining has appointed Byrnecut, an Australian specialist underground mining contractor, as the primary mining contractor for the project. Given that the CMA underground project will be Côte d’Ivoire’s first mechanised underground mine, a key aspect of Byrnecut’s role will be training Ivorian miners in the skills and practices of underground mining, particularly focusing on safe working practices. Byrnecut, with extensive international experience, particularly in West Africa, including operations in Ghana, Burkina Faso, and Mali, is expected to commence operations at Yaouré by April 2025.The combined Measured and Indicated Mineral Resource (based on Perseus’s August 2024 ASX Release) for Yaouré is currently estimated at 55.6 million tonnes grading 1.52 grams per tonne (g/t) gold, containing 2.7 million ounces (Moz) of gold, including 7.4 million tonnes grading 4.16 g/t gold, containing 0.966 Moz of gold associated with the CMA underground project. A further 17.4 million tonnes of material grading 1.7 g/t gold, containing 0.926 Moz of gold, including 4.5 million tonnes grading 3.5 g/t containing 0.51 Moz of gold, is classified as Inferred Mineral Resources. The total Ore Reserves for Yaouré are estimated at 35.2 million tonnes grading 1.53 g/t gold, containing 1.73 Moz of gold, including 4.9 million tonnes at 3.51 g/t for 0.56 Moz associated with the CMA underground project. The CMA underground project, when combined with the open pit ore sources, based on the current estimate of Ore Reserves, will extend the Yaouré Gold Mine’s operational life until at least 2035. There is potential for further life extensions through additional discoveries of mineralisation down dip from the currently delineated mineralisation.The move to underground operations allows for further utilisation of the CMA deposit, which has proven to be a reliable foundation of the Yaouré operation to date. At steady-state production rates, it is planned that underground ore will represent approximately 20% of the tonnes of ore mined on the site from both open cut and underground operations and will be mined at a rate of 700-770kt per annum over the life of the currently defined underground operation. The average underground mining cost will be approximately US$75 per tonne of material mined, and the underground operation will contribute close to half of the metal production at Yaouré during this period.Preparations for the commencement of underground operations are underway, including the recruitment and onboarding of the CMA underground team. Work to establish surface infrastructure, including camp, electrical tie-in, and maintenance areas to support the underground operations is progressing well. Open pit mining in the CMA pit has recently exposed the planned underground access locations; these areas are being prepared to make the initial excavation in the first quarter of fiscal year 2026. The table below shows the project progress to date.The approved capital for the development of the CMA Underground is $124.6 million (including $2.6 million of pre-approved funding). This funding allows for investment in surface infrastructure servicing the underground operations, mobilisation of underground equipment (including relevant customs and duties payable), underground capital development, and capitalised pre-production for the project. The approved budget aligns with the previously communicated cost estimates for the project provided to the market in September 2023 and August 2024. The majority of the capital expenditure is scheduled for fiscal year 2026 and 2027 as underground development commences. To date, the Company has incurred $4.1 million towards progressing the project, including upgrades to camp facilities and mine services and the order of long lead items, in preparation for the mobilization of the underground contractor in the first quarter of fiscal year 2026.The project remains on track with its planned timelines and budgetary requirements, and we look forward to providing further updates as development progresses. As is Perseus’s normal practice, Life-of-Mine Plans (LOMPs) for all of its operations are updated annually as part of its regular budgeting cycle
Perseus Mining Yaouré Gold Mine CMA Underground Project Final Investment Decision Byrnecut Underground Mining Côte D’Ivoire Mineral Resources Mine Extensions
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