PRECIOUS METALS

Edikan gives Perseus strong quarter

Turnaround West Africa gold miner Perseus Mining (ASX: PRU) has reported record June quarter output of 83,881 ounces, underpinning delivery of 147,908oz for the half year.

Michael Quinn
The  Edikan operation in Ghana

The Edikan operation in Ghana

Guidance for the half year was 140,000-160,000oz, with the June quarter performance highlighted by the second best quarter ever from the 6.5-year-old Edikan operation in Ghana and 26,020oz from the new Sissingue development in Cote d'Ivoire.

Costs are to be reported later this month.

Output for the full year was 255,916oz, 45% more than the previous year and within guidance of 250,000 to 285,000oz.

The company expects the Yaoure project in Cote d'Ivoire - currently at the financing stage -will take its annual production run rate up towards 500,000oz from 2021.

Edikan's 220,491 ounces for the full 2018 financial year compares with 153,902oz in 2016 and 176,211oz in 2017.

Earlier this year, Perseus said Edikan had six years more mine life as of June 30, 2018.

Shares in Perseus closed Wednesday at A43.5c, capitalising the company at $450 million.

The stock is up from levels of around 29c 12 months ago.

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