Tag Archives: Yaouré

Geodrill wins exploration drilling contracts from Perseus Mining in Ghana, Côte d’Ivoire

Geodrill Limited says it has been awarded significant multi-rig long-term drilling contracts with Perseus Mining Ltd to carry out exploration work at its projects in Ghana and Côte d’Ivoire.

The contracts with Perseus are to be completed by August 2023 using up to 15 drill rigs from the company’s existing fleet, generating revenue in excess of $45 million over the contract term.

Geodrill currently has a rig fleet of 71 drill rigs operating in West Africa, Egypt and Peru.

“Geodrill continues to build meaningful relationships and revenue by expanding contracts with top-tier gold customers in our core geographic region,” Dave Harper, CEO and President of Geodrill, said. “These contracts bring top-line growth, improving economies of scale and support our goal of delivering consistent earnings in 2022.”

Perseus currently has three producing gold mines, one in Ghana and two in Côte d’Ivoire, including the recently commissioned Yaouré Gold Mine (pictured) which achieved commercial production in March 2021. It is on track to produce more than 500,000 oz/y of gold with three mines in operation, generating a cash margin of more than $400/oz from financial year 2022.

EPSA to carry out mining at Perseus’ Yaouré gold mine

Development of Perseus Mining’s third gold mine, Yaouré, in Côte d’Ivoire, is ramping up with the award of a mining services contract to EPSA Internacional SA.

The announcement comes shortly after Australia- and Canada-listed Perseus signed the mining convention for the $265 million project.

EPSA, a privately-owned, global earthmoving and mining contractor headquartered in Spain, provides a range of mining, civil works and earthmoving services to a bluechip list of mining clients located in 15 countries, according to Perseus. The company employs around 4,000 and has nearly 1,600 pieces of equipment available for deployment.

The mining services contract will run for a period of 65 months commencing on November 1, 2020, and envisages the movement of approximately 170 Mt of material, including 27 Mt of ore containing more than 1.5 Moz of gold, Perseus said.

EPSA is expected to commence mobilising equipment to site in the March 2020 quarter, after which it will employ and train a predominantly Ivorian workforce in preparation for the formal commencement of the contract later in the year, according to Perseus.

Perseus’s Managing Director and CEO, Jeff Quartermaine said the company was “delighted” to be working with EPSA, “an international mining company of true substance, whose client list currently includes major gold mining companies such as Newmont Goldcorp, Agnico Eagle and Yamana Gold”.

To win this contract, EPSA competed in a highly competitive tender process involving eight very good mining contractors, according to Quartermaine.

“As well as offering a competitive price, EPSA currently has equipment available for immediate mobilisation and has a proven track record of establishing greenfield mining sites in jurisdictions where employment and training of personnel from local catchment communities is a priority.”

When Yaouré is fully operational, Perseus will be producing in excess of 500,000 oz/y, Quartermaine said, adding that the average all-in site cost of producing gold at Yaouré over the first five years of the mine is forecast to be $734/oz.

Lycopodium moves from DFS to engineering at Perseus’ Yaoure gold project

Lycopodium has received a notice of award for the engineering and supply of the Yaouré gold project in Côte d’Ivoire from ASX-listed Perseus Mining.

The award, subject to finalisation of the formal contract documentation, full project funding and receipt by Perseus of its exploitation permit, is expected to result in revenue of $95.1 million. This amount is expected to be reported across the final part of the current Australia financial year, FY 2020 and the first half of FY 2021.

“This award sees the continuation of our association with Perseus, following the successful delivery of the Sissingué gold project (Côte d’Ivoire) and completion of the feasibility study and front end engineering and design for Yaouré,” the company said.

Yaouré comes with a JORC-compliant reserve of 26.8 Mt at 1.76 g/t Au containing 1.52 Moz of gold and a plan to produce 215,000 oz/y of gold for the first five years of operations at all-in site costs of $734/oz.