PERTH (miningweekly.com) – Dual listed gold miner Perseus Mining has reported record gold production from its two West African mines during the quarter ended June.
Gold production for the three months to June reached 83 881 oz, which was a 31% increase on the previous quarter, while half-year gold production was reported at a record 147 908 oz of gold, also up by 37% on the previous period.
For the full year ended June, Perseus reported record gold production of 255 916 oz, which was a 45% increase on the previous financial year, and within the stated guidance of between 250 000 oz and 285 000 oz.
“Over the last 18 months, Perseus has been steadily improving its production performance at Edikan and with our second mine Sissingue successfully coming on stream earlier this year, we have been able to move our production to another level, allowing us to achieve a number of production records and strong operating cash flows this quarter,” said Perseus CEO and MD Jeff Quartermaine.
The Edikan mine, in Ghana, delivered 57 861 oz during the quarter, while Sissingue, in Cote d’Ivoire, added a further 26 020 oz in the quarter. In the half-year, Edikan delivered 112 843 oz of gold, while Sissingue contributed 35 425 oz.
“This strong performance is important for Perseus in the context of our next development, the Yaouré gold mine, which we plan to start developing later this year.”
Quartermaine noted that based on current market conditions, Yaouré would be financed from internally generated cash reserves and debt, which is currently being arranged.
ASX and TSX-listed Perseus previously reported that the Yaouré development would require a capital investment of $262.7-million to develop. The mine is expected to produce 215 000 oz/y over its first five years of operations.