Perseus Mining Limited (ASX/TSX: PRU) has achieved a significant milestone with presidential approval for its Perseus Mining CMA underground project at the Yaouré Gold Mine in central Côte d’Ivoire. The Presidential Decree, granted on 18th September 2025 by President Alassane Ouattara, marks a historic moment as Côte d’Ivoire prepares for its first underground mining operation.
This approval represents a major step forward for the Perseus Mining Yaouré Gold Mine expansion, positioning the company to extend operations significantly beyond current projections.
Presidential Decree Unlocks Underground Development
The authorisation follows months of regulatory processes, including approval of an Environmental and Social Impact Assessment and a Ministerial Arrêté issued in May 2025 by the Minister of Environment, Sustainable Development and Ecological Transition.
The Yaouré Gold Mine, in central Côte d’Ivoire, poured first gold in December 2020, becoming Perseus’s third operation
Key government stakeholders supported the project:
- Minister of Environment, Sustainable Development and Ecological Transition
- Minister of Mines, Petroleum and Energy
- Presidential office oversight
The comprehensive approval process demonstrates Côte d’Ivoire’s commitment to sustainable mining development while maintaining strict environmental standards.
Major Investment Fuels Mining Sector Growth
The Perseus Mining project 2025 represents a substantial investment of approximately $255 million (US$170 million) into Côte d’Ivoire’s mining infrastructure. This capital commitment demonstrates Perseus Mining’s long-term confidence in the region’s mining potential.
Australian mining contractor Byrnecut will mobilise equipment by April 2025 and play a crucial training role for local Ivorian miners. This marks Côte d’Ivoire’s transition into mechanised underground mining operations.
Key project parameters include:
- First ore production: January 2026
- Commercial production target: March 2027
- Mine life extension to at least 2035
- Annual underground ore extraction: 700,000-770,000 tonnes
Technical Milestones and Infrastructure Readiness
Perseus Mining CEO and Managing Director Jeff Quartermaine praised the achievement, stating this Presidential Decree allows immediate commencement of portal cutting and underground access development.
Jeff Quartermaine, Managing Director and Chief Executive Officer
Infrastructure preparation has proceeded efficiently during the regulatory approval phase. All surface facilities and underground mining equipment are commissioned and ready for immediate deployment.
The CMA underground operation sits strategically below the existing open-pit mine. This positioning allows Perseus to access deeper, high-grade gold mineralisation while utilising established processing infrastructure.
Strategic Impact on West African Mining Sector
This development positions Perseus Mining as a regional pioneer in underground mining technology. The company’s expansion strategy demonstrates a commitment to long-term African operations.
The neighbouring countries including Ghana, Mali, and Burkina Faso currently lead West African gold production. Perseus Mining’s underground development represents Côte d’Ivoire’s ambition to compete directly with these established mining jurisdictions.
Perseus operates multiple African gold mines, including facilities in Ghana and other Côte d’Ivoire locations. The company’s stable production outlook supports investor confidence in this expansion project.
Industry Context and Market Positioning
Côte d’Ivoire’s gold production has expanded rapidly from 12 tonnes in 2012 to approximately 45 tonnes by 2021. The country hosts four industrial gold mines, positioning it as an emerging regional mining hub.
Global mining companies operating in Côte d’Ivoire include:
- Perseus Mining (Australia) – three gold operations
- Endeavour Mining (Canada)
- AngloGold Ashanti (South Africa)
- Equatorial Resources (Australia) – exploration permits
This Presidential Decree aligns with Côte d’Ivoire’s broader economic diversification strategy beyond traditional agricultural exports like cocoa and rubber.
Byrnecut’s Proven African Underground Mining Experience
Perseus has selected Australian contractor Byrnecut based on their extensive West African underground mining experience. Byrnecut operates across seven current African locations, including operations in Mali, Burkina Faso, Tanzania, and Democratic Republic of Congo.
The contractor’s African portfolio includes completed projects at Ghana’s Obuasi mine and Mali’s Segala Gold Mine. Their experience in French-speaking African countries provides cultural and linguistic advantages for the Côte d’Ivoire project.
Byrnecut’s local training programs have successfully developed skilled African mining workforces. Their Zambian operations produced skilled miners now working across multiple international locations.
Market Analysis and Investment Outlook
Perseus Mining shares (ASX/TSX: PRU) demonstrate strong momentum following this regulatory achievement. The company maintains a robust financial position with over $1.1 billion in cash and undrawn debt capacity.
Current Perseus Mining fundamentals include:
- Three operational West African gold mines
- Annual production target: 515,000-535,000 ounces (FY26-FY30)
- Strong cash margins exceeding $500 per ounce
- Extended mine lives through underground development
The Nyanzaga Gold Project in Tanzania provides additional growth potential, targeting first production in early 2027.
Regional Mining Development Context
Côte d’Ivoire has attracted major international mining investments across multiple commodities. The country’s mining sector contributes approximately 16% to total export values and supports economic diversification initiatives.
The World Bank recently partnered with Côte d’Ivoire to formalise small-scale mining operations, demonstrating government commitment to sustainable sector development.
Technical Project Specifications
The CMA underground operation will utilise mechanised mining methods below the existing open pit. Key technical parameters include:
- Ore reserves: 4.9 million tonnes at 3.51 g/t gold (559,000 ounces)
- Mining method: Mechanised underground development
- Processing: Existing Yaouré processing facility
- Annual capacity: 700,000-770,000 tonnes underground ore
- Resource potential: Open for further expansion at depth
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The presidential approval for Perseus Mining’s CMA underground project represents a significant milestone for both the company and Côte d’Ivoire’s mining sector. This development positions the country as a regional underground mining pioneer while extending Perseus’s operational timeline significantly.
With infrastructure completed and experienced contractors mobilised, the project demonstrates Perseus Mining’s commitment to West African mining investment and technological advancement.
Frequently Asked Questions
Q: When will commercial production begin at the CMA underground mine?
A: Commercial production is scheduled for March 2027, with first ore production planned for January 2026.
Q: What is the total investment for this underground development?
A: Perseus Mining is investing approximately $255 million (US$170 million) in the CMA underground project.
Q: How long will the underground mine operate?
A: The underground development extends Yaouré’s operational life until at least 2035, based on current ore reserves.
Q: What training will local miners receive?
A: Byrnecut will provide comprehensive mechanised underground mining training, focusing particularly on safe working practices for Ivorian miners.
