Perseus pushes ahead in West Africa, despite virus threat

Perseus Mining (TSX: PRU; ASX: PRU) is building its second open-pit mine in Côte d’Ivoire and its third in West Africa, and expects to pour first gold in December despite the COVID-19 pandemic. Once built, Yaoure will produce 215,000 oz. gold per year at all-in sustaining costs (AISCs)  of US$734 per oz. over the first five years of an initial 8.5 year mine life. On a recent conference call, managing director and CEO Jeffrey Quartermaine said development work on the Yaoure mine, 40 km from the capital of Yamoussoukro, was 52% complete, with US$29 million spent on development in the first three months of the year. In total, Perseus has spent US$129 million on developing Yaoure, or 49% of the project’s total capex of US$265 million. “This has been one of the bright lights for us this quarter, and we continue to make progress on all fronts at Yaoure,” Quartermaine told analysts and investors on the call. “Our stretch target of pouring first gold by December 2020 continues to be within our capacity, provided we don’t have any unusual delays coming out of the virus later in the year.”