Perseus launches underground gold production in Côte d’Ivoire

About this update from Perseus Mining Limited

Perseus Mining Limited (ASX/TSX:PRU), a gold producer focused on West Africa, announced on April 28 it has completed its first underground production blast at the CMA Underground project at the Yaouré Gold Mine in Côte d’Ivoire, marking a key milestone in the operation’s transition to underground mining. The blast was fired from the Blika 1120 Ore Drive South, with excavation of first production ore commencing immediately, the company said in a statement. The development signals continued ramp-up toward steady-state underground production, which Perseus expects to reach by Q3 FY27, as the project begins to supplement open-pit output with higher-grade ore. The CMA Underground mine is the first mechanised underground gold operation in Côte d’Ivoire and also Perseus’s first underground development, representing a strategic expansion of the company’s mining capabilities. Perseus said the project supports broader sector development in the country by building local technical capacity and skills in underground mining. Chief executive Craig Jones said the first production blast marked the culmination of months of underground development, drilling and infrastructure installation. “The first production blast is a defining moment for Perseus and Côte d’Ivoire, representing the culmination of many months of intensive underground development, drilling and infrastructure installation,” Jones said. He added that the company expects to scale up operations in the coming months, with higher-grade underground ore set to provide mill feed as production increases. Perseus, which has operating mines in Côte d’Ivoire and Ghana, and a nascent project in Tanzania, earlier reported a strong operational performance for the quarter ended March 31, lifting its cash and bullion balance to $817mn. Gold production for the third quarter of FY2026 reached 107,144 oz, up 21% quarter-on-quarter (q/q) from 88,888 oz in the previous quarter, reflecting improved output across all three operating mines — Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana. The increase in production helped lower unit costs. Weighted average all-in sustaining costs (AISC) fell to $1,748/oz, down from $1,800/oz in Q2, while weighted average production costs were $1,238/oz. The decline in AISC was primarily driven by higher throughput and improved operational efficiency. Gold sales totalled 96,260 oz, an in...

View stock analysis, news, and events for Perseus Mining Limited