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Perseus awards mining services contract for Yaouré gold project

Perseus Mining Ltd. said Dec. 11 that it awarded a 65-month contract to conduct mining services for the Yaouré project in Cote d'Ivoire to Spain-headquartered EPSA Internacional SA.

EPSA is expected to begin moving equipment to the Yaouré site in the March 2020 quarter, ahead of the contract's implementation in November 2020.

The Australia-headquartered company said in a Dec. 10 statement that it expects to pour first gold at Yaouré in December 2020, a month ahead of the contracted completion date.

Construction cost is projected at US$265 million, which will be funded through a US$150 million credit facility, US$40 million in underwritten warrants, and US$81 million from existing cash reserves and bullion plus future cash flows.

Meanwhile, Perseus executed a mining convention for the Yaouré project in a formal ceremony with Cote d'Ivoire government representatives.