Perseus delivers record gold production

Image: Perseus Mining

Perseus Mining’s transformation into a multi-mine West African gold company has gone to plan so far in 2018.

The company poured first gold at the Sissingué operation in Côte d’Ivoire in January, giving it a second mine in West Africa alongside Edikan in Ghana.

With both mines in production, Perseus delivered 83,881oz and 147,908oz for the June quarter and half year, respectively, both records for the company.

Perseus achieved 255,916oz of gold production for the 2018 financial year, a 45 per cent increase on 2017 and within its 250,000–285,000oz guidance.

Jeff Quartermaine, Perseus chief executive officer, commented: “Over the last 18 months, Perseus has been steadily improving its production performance at Edikan and with our second mine, Sissingué, successfully coming on stream earlier this year, we have been able to move our production to another level, allowing us to achieve a number of production records and strong operating cash flows this quarter.”

Perseus’ quarterly production record included 57,861oz from the Edikan mine and 26,020oz from the Sissingué operation.

Quartermaine pointed to continued growth for the company beyond its 2018 financial year milestones.

“The strong performance is important for Perseus in the context of our next development, the Yaouré gold mine, which we plan to start developing later this year,” Quartermaine said.

“Based on current market conditions, it is expected that Yaouré will be financed from internally generated cash reserves and debt that is in the process of being arranged.”

The Yaouré project is also in Côte d’Ivoire.

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