Home Britain Perseus Mining on its way to annual gold production of 500,000 ounces

Perseus Mining on its way to annual gold production of 500,000 ounces

37
0
  • Perseus published its annual report this week and is on its way to producing 500,000 ounces of gold a year.
  • It has an exploitation permit for its planned Yaouré mine in Côte d'Ivoire.
  • The mine is a key component in the companys plan to increase production by more than 228,000 ounces a year.
  • Perseus hopes to achieve the milestone production take by cash margins of US$400 an ounce or more by the 2022 financial year.

We achieved both cost and production guidance, finishing the year with production of 271,824 ounces of gold at all-in costs of US$960 an ounce, with both our Edikan Gold Mine in Ghana and Sissingué in Côte dIvoire performing generally as expected.

Perseus Mining managing director and CEO Jeff Quartermaine

Perseus Mining Limited (ASX:PRU) (TSX:PRU) (OTCMKTS:PMNXF) produced more than 270,000 ounces at its West African gold operations Edikan and Sissingué in the 2018-19 financial year as it continued to plan an increase in company production through its third operating mine – Yaouré.

The Western Australian company is hoping to pour first gold at Yaouré in Côte d'Ivoire in December 2020.

It would then move towards an increase in company production to 500,000 ounces of gold a year company-wide.

Subiaco-based Perseus received development approval for the planned project in May 2019 during the final quarter of last financial year.

Perseus managing director and CEO Jeff Quartermaine highlighted the companys achievements in the 2019 financial year, writing in the companys annual report, “We achieved both cost and production guidance, finishing the year with production of 271,824 ounces of gold at all-in costs of US$960 an ounce.

Quartermaine noted the Edikan Gold Mine in Ghana and Sissingué mine in Côte dIvoire had performed “generally as expected.”

The senior executive highlighted growing strength in the companys balance sheet and a paying down of debt during the financial year.

Rapid Yaouré progress

Quartermaine said, “As we look to the future, the cash on hand combined with proceeds available under an undrawn US$150 million debt facility secured to finance construction of Yaouré is allowing us to see rapid progress on that project.

“Based on the current schedule, we should be producing gold at Yaouré by the end of 2020 and well be working very hard over the next 12 months to make sure that happens.”

The MD flagged a concerted effort to improve the business in a report to shareholders, flagging an effort to increase margins at Edikan as one such program.

Perseus approach, wRead More – Source