Perseus pours first gold at Yaouré mine

Perseus Mining (TSX: PRU; ASX: PRU) has successfully completed the first pour
of gold at its Yaouré Gold mine in Côte d’Ivoire, five weeks ahead of schedule.

With construction of the Yaouré processing plant and associated infrastructure largely complete, the company expects to declare commercial production during the March 2021 quarter.

Perseus acquired Yaouré when it merged with Amara Mining in April 2016. Since then, the company has completed an extensive programme of confirmatory drilling and test work and prepared a definitive feasibility study (DFS).

Initially, lower grade oxide ore mainly from decommissioned heap leach pads will be processed in the Yaouré plant pending access to higher grade fresh ore from the CMA pit. During the first five years of the Yaouré mine life, Perseus forecasts annual gold production averaging around 215,000 ounces at a weighted average all in site cost of (AISC) of approximately US$750 per ounce.

With the development and commissioning of Yaouré, Perseus will own and operate three gold mines (Edikan, Sissingué and Yaouré) in two West African countries (Ghana and Côte d’Ivoire).

Perseus said the company is on track to increase annual gold production to at least 500,000 ounces by fiscal 2022.

In a research note, Australia-based analysts at Canaccord Genuity, Reg Spencer and Paul Howard, said Perseus is among their top picks in their gold sector coverage. 

“We estimate FY21 production at 316,000 oz. at US$954 per oz. AISCs (2HFY21 guidance 126,000-139,000 oz. at US$940-1,025 per oz.), lifting to 480,000 oz. at US$856 per oz. in FY22. This production growth is among the best among ASX gold producers, and would make it a top five producer on the ASX.”

This article first appeared in MINING.com, part of Glacier Resource Innovation Group.