Perseus Mining is shoring up funding for its Yaoure gold mine in the Ivory Coast by underwriting funds due this month from the exercise of warrants.

Hartlleys and Canaccord are leading the underwriting of $45 million of warrants at 44¢ a share, a 9.3 per cent discount to yesterday’s close of 47.5¢.

The warrants that expire on April 19 are to part-fund its $US265 million ($370 million) Yaoure Gold Mine in Ivory Coast, West Africa.

Jeff Quartermaine-led Perseus secured $US150 ($210) million in debt for Yaoure last week.

The gold miner expected to receive the exploration permit for Yaoure on Wednesday after approval by the Ivorian Government cabinet but the issue was not tabled.

Yaoure has ore reserves of 28.8 million tonnes at 1.76 grams of gold per tonne, totalling 1.52 million ounces of gold, according to a definitive feasibility study by Lycopodium released in November 2017.

The mine is expected to produce an average of 215,000oz a year for the first five years at an average all-in site cost of $US734 ($1029) an ounce.

The West African gold producer also developed the Edikan gold mine in Ghana that has produced about 200,000oz a year since 2012.

 

Image: Perseus Mining Managing Director Jeff Quartermaine, The West Australian.