Perseus Mining has secured presidential approval to develop the CMA underground project at Yaouré, marking a pivotal expansion in Côte d’Ivoire’s gold mining sector. The project promises to extend mine life to 2035 with production ramping up by early 2027.
- Presidential Decree authorizes CMA underground development
- US$170 million investment in Côte d’Ivoire’s first underground gold mine
- Mine life extended to at least 2035 based on current reserves
- First ore production targeted for January 2026
- Commercial production expected by March 2027
A Landmark Approval
Perseus Mining Limited has achieved a significant milestone with the receipt of a Presidential Decree from Côte d’Ivoire’s President Alassane Ouattara, authorizing the development and operation of the CMA underground project at the Yaouré Gold Mine. This decree follows earlier environmental and ministerial approvals, clearing the way for the company to commence underground mining activities immediately.
Strategic Investment and Infrastructure Readiness
The project represents a US$170 million capital investment by Perseus, underscoring its commitment to expanding mining operations in Côte d’Ivoire. Notably, the company has already completed essential infrastructure works and commissioned underground mining equipment through its specialist contractor, Byrnecut. This preparation means that development of the declines; the underground access tunnels; can begin without delay.
Extending the Life of Yaouré
The underground operation will be established beneath the existing CMA open pit, effectively extending the mine’s life to at least 2035 based on current Mineral Resource and Ore Reserve estimates. This extension is critical for sustaining production and maximizing the value extracted from the site, ensuring that the Yaouré processing facility continues to operate efficiently for years to come.
Production Timeline and Market Impact
Perseus plans to achieve first ore production from the underground mine by January 2026, with commercial production slated for March 2027. This timeline reflects a cautious but confident approach, balancing the complexities of underground mining with the company’s operational readiness. The development marks Côte d’Ivoire’s first underground gold mine, a landmark for the country’s mining industry and a potential catalyst for further investment.
Looking Ahead
While the formal authorization came later than initially anticipated, Perseus’s CEO Jeff Quartermaine highlighted that the delay allowed the company to complete necessary infrastructure and ensure equipment readiness. The project also symbolizes a deepening partnership between Perseus and the Ivorian government, reinforcing the country’s position as a growing hub for gold mining in West Africa.
Bottom Line?
Perseus’s underground push at Yaouré sets the stage for a decade-long production boost, but execution risks and market conditions will be closely watched.
Questions in the middle?
- How will Perseus manage operational risks inherent in transitioning to underground mining?
- What impact will the extended mine life have on Perseus’s overall production forecasts and financial outlook?
- Could this project pave the way for further underground developments in Côte d’Ivoire’s mining sector?