PERTH (miningweekly.com) – Dual-listed gold miner Perseus Mining has reported a net profit after tax of $32.4-million for the interim period to December 2012.

This was compared with a net profit after tax of $13.6-million for the previous corresponding period, with the increase attributable to the Edikan gold mine coming into commercial production during the period under review.

Revenue from gold sales for the half year reached $147-million, despite production challenges at the Edikan mine. The mine produced 13% below the production guidance during the three months to December, producing only 51 090 oz.

“The results we have reported today reflect a challenging six-month period at our Edikan gold mine, in Ghana, during which we dealt with a number of unexpected operational issues, as well as a significant drop in the Australian/US dollar exchange rate, that gave rise to an unbudgeted foreign exchange loss,” said Perseus MD Jeff Quartermaine.

However, he noted that the company had continued to enjoy strong gold prices, which helped boost earnings.

“The production challenges that reduced first-half gold production below expectations will be put behind us shortly with the remediation of the crusher at Edikan, and we are looking forward to an improvement in both our production and earnings in the second half of this financial year,” Quartermaine added.

It was expected that the total incremental cost of this remediation work would amount to around $3-million, with some of the costs expensed during the December quarter, and the balance to be expensed during the March quarter.

He said that, taking into account the recent challenges, Perseus was now forecasting gold production for the second half of the financial year to be between 105 000 oz and 125 000 oz, resulting in a full-year production of between 208 700 oz and 228 700 oz.

Some 17 498 oz of gold was produced at Edikan during January.

Meanwhile, Perseus noted that it was undertaking a comprehensive review of the longer-term production plans at the Edikan mine, aimed at developing an operating strategy that would increase the value of the property above that implied by the current life-of-mine plan.

The review would likely be made public by the June quarter of this year.