Australian company Perseus Mining Limited has announced a $124.6 million Final Investment Decision (FID) to develop the Yaouré Underground Gold Mine, marking the first mechanized underground mining project in Ivory Coast.
Engineering firm Byrnecut has been selected as the primary mining contractor and is expected to mobilize on-site by April 2025. The project will extend the operational life of the Yaouré Gold Mine to at least 2035, enabling the extraction of 700,000-770,000 tons of ore annually – about 20% of the mine’s total ore output.
“This investment decision reaffirms our commitment to being a long-term partner in the development and production of mineral resources in Côte d’Ivoire,” said Jeff Quartermaine, Managing Director of Perseus.
The project supports Perseus’ strategy to maintain annual gold production between 500,000 and 600,000 ounces, with a cash margin of no less than $500 per ounce.
First production is scheduled for Q1 2026, with commercial production expected by Q4 2027. The FID follows in-principle approval from the Ministry of Mines, Petroleum and Energy in November 2024, with Perseus awaiting the Ministry of Environment’s approval of the project’s Environmental and Social Impact Assessment.
