Perseus Mining's New Underground Operation at Yaouré Approved
New Developments at Perseus Mining’s Yaouré Gold Mine
Perseus Mining Limited (ASX/TSX: PRU) has achieved a significant milestone with the recent approval of its underground mining operations at the Yaouré Gold Mine. This approval, granted by the President of Côte d'Ivoire, marks a pivotal moment for the company as it embarks on the ambitious CMA underground project.
Presidential Decree Marks a Key Milestone
The formal authorization came as a result of extensive planning, including a comprehensive Environmental and Social Impact Assessment. This assessment was a vital prerequisite that ensured all environmental and social considerations were thoroughly addressed before moving forward. The decree was signed on September 18, and with it, Perseus can officially begin preparations for underground mining.
Infrastructure Completed for Operations
Prior to securing the needed approvals, Perseus had proactively completed various infrastructure works necessary for supporting the CMA underground project's operations. With this groundwork laid, the focus is now shifting toward commencing the development of the decline shafts. This phase involves the installation and commissioning of mining equipment facilitated by Byrnecut, a reputable contractor known for their expertise in underground operations.
Enhanced Mining Life and Production Goals
The establishment of underground operations is expected to significantly extend the lifespan of the Yaouré Gold Mine until at least 2035, based on currently delineated Mineral Resources and Ore Reserves. With the driving of declines now underway, Perseus has ambitious production goals, aiming for the first ore production by January 2026 and transitioning to commercial production by March 2027.
CEO Insight on the Project's Importance
Jeff Quartermaine, CEO of Perseus Mining, expressed his excitement regarding the Presidential Decree: “Receiving the authorization for Côte d'Ivoire’s inaugural underground mine is a significant achievement for us. It enables us to advance towards accessing more ore deposits that can be processed at the Yaouré facility.” He noted that the delays, though initially frustrating, allowed the company to meticulously prepare and secure the necessary equipment, ensuring a smooth transition into the operational phase.
Investment Reinforces Commitment to Côte d'Ivoire
The commitment of US$170 million towards the CMA underground mine not only signifies Perseus Mining's dedication to its operations but also solidifies its partnership with the Ivorian government in enhancing the mining industry within the country. This investment reflects a long-term vision aimed at sustainable growth and mining efficiency.
Competent Person Assurance
All production forecasts presented by Perseus Mining are backed by well-established Ore Reserves, prepared in alignment with the JORC Code. The company ensures that its reports and resource estimations are comprehensive and reflect current realities, allowing stakeholders to have a clear view of the mining operations’ viability.
Looking Ahead: Safeguarding Investments
As the underground mining project progresses, potential investors and stakeholders are reminded of the inherent uncertainties present in the mining sector. Market fluctuations, operational risks, and changing regulatory environments are among the factors that could influence outcomes. Perseus maintains that it is committed to transparency, updating stakeholders consistently as developments arise.
Frequently Asked Questions
What is the significance of Perseus Mining's new approval?
The approval allows Perseus to commence underground mining operations at Yaouré, extending its mine life and potentially increasing production capacity.
When is the expected start of ore production?
First ore production is planned for January 2026, with commercial production expected to begin in March 2027.
How much is being invested in the CMA underground project?
Perseus Mining is investing US$170 million into the CMA underground mining operations.
Who is overseeing the underground mining project?
The project is being managed by Perseus Mining, with Byrnecut appointed as the underground mining contractor.
What are the projected outcomes of the new operations?
The new operations are projected to significantly enhance the longevity of the mine and increase overall production, benefiting both the company and local economy.
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