JOHANNESBURG (miningweekly.com) – Dual-listed Perseus Gold has posted a A$25.61-million net loss for the six months ended December 31, compared with a profit of A$11.97-million in the six months to December 31, 2015.
The net loss was largely the result of a $20-million settlement of a legal dispute with Bayswater Construction & Mining.
Further, revenue decreased to A$110.87-million in the period under review, compared with A$148.65-million in the prior comparable period, as a result of lower gold sales, owing to the timing of sales, the build-up of gold inventories in circuit and lower gold prices.
In addition, operational expenses had increased as a result of increased mining activity at the Edikan mine, in Ghana.
Meanwhile, Perseus announced on Monday that chairperson Reg Gillard would step down on March 31.
He will be succeeded by Sean Harvey.