(Ecofin Agency) - Perseus Mining, an Australian company, runs the Yaouré and Sissingué gold mines in Côte d'Ivoire, producing over 300,000 ounces annually. Last year, the firm’s revenues soared thanks to a roughly 30% increase in global prices of gold.

Revenues from the Yaouré and Sissingué gold mines in Côte d'Ivoire hit $677 million in 2024, up 8% from 2023. The mines’ Australian owner, Perseus Mining, disclosed the figure on January 29. However, it reported a decline in gold production year-on-year.

December 2024 Quarter Report: https://t.co/PTviDIWhyg

Our three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, produced a combined 132,419 ounces of gold in Q2 FY25. The weighted average production cost was US$919 per ounce, while the weighted… pic.twitter.com/dOAQVDVdkU

— Perseus Mining (@PerseusMining) January 28, 2025

Perseus produced 309,043 ounces of gold at the two mines in 2024, down 5% year-on-year. Total gold sales fell from 325,822 ounces in 2023 to 309,686 ounces last year. Nevertheless, higher gold prices helped offset lower sales.

In 2024, the average selling price of gold from Yaouré reached $2,196 per ounce, up from $1,909 in 2023. At Sissingué, it rose to $2,156 per ounce, against $1,968 the previous year.

The exact share of revenues for the Ivorian government is still unknown. It is determined by a mining royalty on gold sales that ranges from 3% to 6%, along with a profit share based on the government's stake in the mines. Other taxes may also apply.

Production at Sissingué increased by 27.6% compared to 2023, reaching 69,406 ounces, while Yaouré produced 239,637 ounces, down from 271,499 ounces in 2023. 

Besides these two mines, Perseus Mining also operates the Edikan mine in Ghana, West Africa. Edikan delivered 193,066 ounces of gold in 2024, bringing the group’s annual output to 502,109 ounces.

This article was initially published in French by Emiliano Tossou

Edited in English by Ola Schad Akinocho