The award is subject to finalisation of the formal contract documentation, full project funding and receipt by Perseus of its exploitation permit. The contract is valued at about US$95.1 million.
The new contract continues Perseus’ association with Lycopodium, following the successful delivery of the Sissingué Gold Project and completion of the Definitive Feasibility Study (DFS) and Front End Engineering and Design (FEED) for the Yaouré Gold Project.
In October 2018, Lycopodium completed the FEED study for the Yaouré Gold Project, which is set to become Perseus’ third operating mine in West Africa.
This work confirmed cost estimates in the October 2017 DFS that demonstrated the quality and strength of Yaouré.
The FEED study focused on progressing the design of the processing plant and infrastructure to enable a detailed capital cost estimate to be prepared to a level of accuracy of plus or minus 10%.
Based on the FEED study, the total capital cost estimate for the development is US$264 million, including a contingency allowance of about 8%, which is within 0.5% of the DFS estimate.
Perseus Mining’s operating and development projects in West Africa