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Construction To Start on US$265M Côte d’Ivoire Gold Mine

Kitco News

Perseus Mining's board approved construction of the company's third gold mine, the Yaouré Gold Mine in Côte d’Ivoire.

Announced today, Yaouré’s US$265 million development cost will be funded by US$150 million credit facility, US$40 million underwritten warrants, US$81 million of existing cash and bullion plus future cash flows.

The mine is expected to achieve average annual production of 215,000oz for the first five years of operations, with average all-in-site-costs of US$734/oz.

Perseus (TSX:PRU) says 50% of the capital budget for the mine is fixed. Outotec has a contract to manufacture and supply the SAG and ball mills.

The company said it is making progress compensating landowners for crop loss.

"Another activity on the critical path for development is payment of all outstanding crop, land and sacred site compensation," said the company in a news release.

"This is well advanced with crop compensation paid in full, and approximately 80% of landowners paid compensation at rates specified by the local Prefect’s decree."

The first gold pour is expected by January 2021.

Perseus says the mine will make the company a 500,000+ oz gold producer.

Written with material from Perseus Mining news release.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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