PERTH (miningweekly.com) – Dual-listed gold miner Perseus Mining has reported record profits for the 2015 financial year, on the back of higher revenues and a foreign exchange gain of some A$52.4-million.

Net profit after tax increased to a record A$92.2-million for the year under review, a A$124.2-million, or 288%, increase on the 2014 financial results. Revenue for the full-year increased to A$333.5-million, compared with the A$264.2-million reported in 2014.

In the year under review, the Edikan gold mine produced 212 135 oz of gold, up 18% on the previous financial year, as Perseus reported a higher average headgrade, increased recoveries and a strong trend of improvement at nearly all aspects of the mine’s operations.

All-in site costs declined by 32% year-on-year to $877/oz, as a result of reduced mining and processing rates, more effective procurement practices, lower-than-forecast capital expenditure and strong gold production.

“Our team has worked very hard to improve the operating performance at our Edikan gold mine and this is reflected in the strong financial result published today,” said MD Jeff Quartermaine.

“Favourable foreign exchange movements have certainly improved the results in Australian dollar terms, but significant cost savings and productivity gains underpin the performance, as does a prudent approach to gold price risk management, which has delivered an average gold price of $1 324/oz, in a falling gold market.”

In the quarter ahead, Perseus’ focus would remain on fine-tuning plant performance at the Edikan mine, while the company would also look to finalise negotiations for a mining convention for its Sissingue project, in in Côte d’Ivoire.

The company was hoping to appoint a contractor to start early works at Sissingue and to appoint key members of staff needed for the development of operations at the mine.

A recent review of the 2010 feasibility study into the Sissingue project reduced capital costs from $115-million to $106-million, based on the delivery of an average 106 400 oz/y of gold over the six-year mine life, based on an initial probable reserve of 675 000 oz.