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Perseus Mining granted permit to develop third gold mine

All major prerequisites for the development of the Yaouré gold mine are now in place.

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Bringing on a third mine will help achieve the goal of producing 500,000 ounces of gold annually

Perseus Mining Ltd (ASX:PRU) has been granted an Exploitation Permit to develop and operate its third gold mine, the Yaouré Gold Mine in Côte d’Ivoire.

Notably, the Exploration Permit is the final permit Perseus requires to start developing the Yaouré mine.

It follows the recently accepted offer of debt financing from a syndicate of international banks and confirmed its financing plans for the mine development.

With all major prerequisites for the development of the Yaouré gold mine now in place, the coard will convene in the very near future to resolve to commence full scale project development.

READ: Perseus Mining receives commitment for US$150 million debt facility to fund third gold mine

Perseus’s CEO and managing director Jeff Quartermaine said: “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.

“When developed, Yaouré is expected to be a large scale, low cost mining operation capable of generating substantial benefits for all of Perseus’s stakeholders, including not only our shareholders who have been keenly awaiting this milestone, but also our host government and local communities, employees and providers of a range of goods and services.

“On behalf of the Board and the entire team at Perseus, I thank the government of Côte d’Ivoire for granting us the exploitation licence and in doing so, recognising Perseus’s credentials as a capable, reliable and responsible participant in the Ivorian gold mining industry.”

READ: Perseus Mining quarterly production confirms on track to meet guidance

Perseus produced 67,144 ounces of gold in the March quarter at an all-in site cost (AISC) of US$851 per ounce.

The majority (66.5%) of gold was produced from its Edikan mine in Ghana with the balance (33.5%) produced from the Sissingué mine in Côte d’Ivoire.

Group gold production is on target to achieve June 2019 half year production guidance of 130-150,000 ounces and AISCs are also on track to achieve cost guidance of US$850-US$1,000 per ounce.

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