Perseus prepares to launch second gold mine this month

Perseus Mining expects to deliver first gold at its Sissingué operation in Côte d’Ivoire, West Africa this month.

The dual-listed company today reported that development and commissioning of the mine is nearing completion, with the introduction of crushed ore to the mill and carbon-in-leach (CIL) plant.

Perseus’ progress at the mine means it will produce first gold ahead of schedule before the end of the month. It then expects to ramp up to full-scale commercial production by the end of March this year.

Jeff Quartermaine, Perseus managing director and chief executive officer, said the introduction of crushed ore to the mill at Sissingué was an important milestone in the company’s journey towards bringing a second operating gold mine into production.

“We are looking forward very much to starting gold production later in January 2018 and to seeing Sissingué ramp up to full-scale production and positive cash flow by the end of the March quarter,” Quartermaine said.

“At that point, Perseus will be transformed from a single mine, single country business to a multi-mine, multi-jurisdiction operation and we will be well on the way to achieving our goal of producing in excess of 500,000 ounces (oz) of gold per year from late 2021 from our three West African operations, namely Edikan, Sissingué and Yaouré.”

The Perth-based company’s mine plan for Sissingué estimates gold production of 358,000oz over a five-year mine life, including around 80,000oz for the first 3.25 years.

Sissingué’s cash costs have been forecast at around $US625/oz for the first 3.25 years of production and around $US630/oz over the full mine life.