MINING REFINING

Perseus Mining secures approvals for Côte d’Ivoire underground expansion

Fri Sep 19 2025

Perseus Mining Ltd has received the green light to begin underground development at its Yaouré Gold Mine in Côte d’Ivoire, with the country’s president signing off on a decree authorising operations.

The approvals, granted on September 18, cover the CMA underground project — the first of its kind in the West African nation. They follow the earlier completion of an environmental and social impact assessment and ministerial approval from the environment and energy departments.

Perseus said key infrastructure works were already finished, allowing contractor Byrnecut to start decline development once underground mining equipment is fully commissioned. The project carries an estimated investment of US$170 million.

The underground operation, to be developed beneath the existing CMA open pit, is expected to extend Yaouré’s mine life by nearly a decade, to at least 2035. First ore production is targeted for January 2026, with commercial production scheduled for March 2027.

Chief executive Jeff Quartermaine said the presidential decree was “a major milestone” that would allow Perseus to move directly into mine development. He noted that while the approval came later than initially expected, the delay enabled the company to complete necessary support works and ensure contractor equipment was ready.

The step marks a significant shift in Perseus’s production profile. The company, which also operates the Edikan mine in Ghana and Sissingué in Côte d’Ivoire, produced more than 500,000 ounces of gold in FY24 and is considered one of the leading mid-tier African gold producers.

Shares in Perseus have gained around 18% over the past 12 months, with the Yaouré expansion expected to underpin future output as existing open-pit reserves are depleted.

Following the announcement, Perseus shares were trading at A$4.28 by 12:15 pm AEST on Friday, up more than 2.0% for the session.

Source: https://www.proactiveinvestors.com.au/