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Production, all-in costs improve at Perseus’ Ghana mine

13th January 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – ASX- and TSX-listed explorer, developer and producer Perseus Mining on Monday reported improved gold output and all-in costs during the December quarter at its flagship Edikan gold mine, in Ghana.

A preliminary operating report for the West Africa mine showed that the output for the December quarter increased 6% quarter-on-quarter to 48 360 oz on the back of significant improvements in operating efficiency.

Gold production for the six months to December reached 94 190 oz – in line with the company’s guidance of between 91 000 oz and 101 000 oz.

The Edikan mine’s all-in site costs of $1 228/oz for the quarter under review were 8.5% lower than the previous quarter, while at $1 283/oz, the December half-year all-in site costs were 2.7% above guidance.

“The trend of steadily improving operating performance at Edikan continued during the December quarter … [and] our costs are steadily reducing,” said Perseus MD Jeff Quartermaine.

“If this performance continues as expected, the company will be well positioned to meet challenges arising from a weaker gold price, should this occur, and also [be positioned to] create a solid foundation on which to build when the gold price recovers,” he added.

As at December 31, Perseus had available cash and bullion valued at A$28.2-million and a hedge position valued at $31.6-million.

The mining company expected to publish the full details of activities, reconciled production and all-in site cash costs for the December quarter on January 28.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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