Perseus Mining Limited, a West-Africa focused gold miner and developer, made known on Monday on 6th May 2019 that the company’s Board has approved the construction of Yaoure Gold Mine in Cote d’Ivoire.
Yaouré’s USD 265 Mn development cost will be funded by USD 150 Mn credit facility, USD 40 Mn underwritten warrants, USD 81 Mn of existing cash and bullion plus future cash flows.
Perseus said that the board’s decision to proceed with development is expected to take immediate effect, paving ways for the execution of the engineering and supply contracts.
Perseus received the Exploration Permit from the Government of Cote D’Ivoire for the construction. “The granting of the Exploitation Permit to enable development of the Yaouré Gold Mine is a major milestone for Perseus that firmly places us on the path to achieving our stated goal of producing more than 500,000 ounces of gold at an all-in cost of less than US$850 per ounce from multiple mines in several jurisdictions in West Africa,” said Perseus’s Chief Executive Officer and Managing Director Mr Jeff Quartermaine.
“When Perseus acquired Amara Mining plc in April 2016, our primary objective was to bring Yaouré into production as soon as practical,” said Jeff.
“With the decision announced today, we have moved one step closer to achieving this goal and in doing so, we are firmly placed on the path to achieving our stated aim of producing more than 500,000 ounces of gold at an all-in site cost of less than $850/oz from multiple mines in several jurisdictions in West Africa,” he added.
“We are confident that Yaouré will also be developed on time and on budget and in the process further establish Perseus’s reputation as a reliable and capable developer and operator of gold mines in West Africa.”
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