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Perseus purrs in West Africa

Perseus Mining expects to produce between 175,000 and 190,000 ounces in the June half-year, a result that if met would take output for the fiscal year past 400,000oz.
Perseus purrs in West Africa Perseus purrs in West Africa Perseus purrs in West Africa Perseus purrs in West Africa Perseus purrs in West Africa

Perseus Mining's Edikan operation in Ghana

And with the Yaoure operation in Cote d'Ivoire pouring first gold last month, the miner is now set to reach its goal of annualised production of 500,000oz at a margin of "not less" than US$400 per ounce.

All-in site costs last quarter were $1036/oz for the total of 65,657oz poured at the company's two operations in Cote d'Ivoire, and the Edikan project in Ghana.

Available cash and bullion totalled $118.1 million at quarter end, with debt reduced by $20 million to $130 million giving a net debt position during the quarter of $11.9 million.

Meanwhile, a definitive feasibility study for developing the Veronique, Antoinette and Juliette deposits in the vicinity of the Sissingue mill in Cote d'Ivoire is scheduled to be completed by the end of the March 2021 quarter. 

However, the company cautioned the completion of the DFS will be a determined by the speed with which assay results are made available by laboratories.

Shares in Perseus closed Wednesday at A$1.23, capitalising the company at $1.5 billion.

The stock was at levels around $1.10 12 months ago.