Perseus Mining (ASX:PRU) has landed formal approval from the President of the Republic of Côte d’Ivoire to start underground development and mining operations at its Yaouré Gold Mine in Bouflé’s greenstone belt.
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The company confirmed in a Sept. 19 update that President Alassane Ouattara had authorised operations of the site’s CMA underground project.
The September decree follows earlier approval for Perseus from an Environmental and Social Impact Assessment. The explorer also banked a ministerial arrêté from the Minister of Environment, Sustainable Development, and Ecological Transition in May; both had been prerequisites for today’s green lights.
“Receiving the Presidential Decree authorising the development of Côte d’Ivoire’s first underground mine is a major milestone,” said company CEO Jeff Quartermine, “[which allows] us to immediately proceed with the cutting of portals and ultimately gaining access to further important ore sources.”
Perseus now expects to proceed with cutting declines after commissioning underground mining equipment supplied by Byrnecut. These operations are expected to extend the mine’s life through to 2035, at least.
The explorer did have to sit on their hands for a time after several delays, but those have allowed management to “complete all infrastructure works required to support the operation and ensure Byrnecut’s equipment is available.”
Key milestones were set at the same time: Perseus wants to have first ore production going by January 2026 and commercial production running by March 2027.
That run-in will cost Perseus around US$170M in investment capital. That, Mr Quartermine flagged, marks “a new phase in our partnership with the government of Côte d’Ivoire in expanding its thriving mining industry.”
PRU has enjoyed a little bump on the news; at 2pm, shares are up +2.5%.
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