Perseus Mining (ASX:PRU) said it took a final investment decision to develop the CMA underground project at the Yaoure gold mine in the Ivory Coast, according to a Tuesday Australian bourse filing.
Work on the project is expected to start in mid-2025, contingent on the approval of the project's environmental and social impact assessment by the Ministry of Environment, Sustainable Development, and Ecological Transition, which is currently underway.
The project also requires the formal granting of a ministerial decree. The Ministry of Mines, Petroleum, and Energy gave its in-principle approval for the project in November 2024.
The company appointed the Australian specialist underground mining contractor, Byrnecut, as the primary mining contractor for the project, the filing said.
The firm said it is working to set up surface infrastructure, including camp, electrical tie-in, and maintenance areas to support the underground operation. The approved capital for the development of the CMA Underground is AU$124.6 million.
The firm's shares fell nearly 2% in recent trading on Tuesday.
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