PERTH (miningweekly.com) – Dual-listed gold miner Perseus Mining has more than doubled its profit in the six months to December, while revenue jumped 69% in the same period.

Perseus on Monday reported half-year revenue of $281.6-million, compared with $166-million in the previous corresponding period, with group gold production reaching 141 555 oz, while gold sales was up by 59%, to 165 066 oz.

The profit after tax attributable to shareholders increased by 173% in the period under review, from a loss of $14.2-million to a profit of $10.4-million, while net profit after tax was reported at $4.9-million, compared with a net loss after tax of $1.5-million in the previous corresponding period.

“The financial results announced today are the direct result of a continuation of strong production and cost performance out our two operating mines in Ghana and Côte d’Ivoire,” said Perseus MD Jeff Quartermaine.

“In most respects, Perseus is in the best condition financially and operationally than it has ever been and is very well positioned to continue the strong growth that has been under way for some time.”

Earnings before interest, tax, depreciation and amortisation reached $87-million in the interim period under review, up 80%, or by $55.9-million on the previous corresponding period.

At the end of December, Perseus had $92-million in cash and bullion on hand, up $46.7-million over the same period in 2017.

In the next six months, Perseus is predicting gold production to reach between 130 000 oz and 150 000 oz, with full-year production estimated at between 271 000 oz and 291 555 oz.

“In the coming six months, we expect to commence development of our third operating mine, Yaoure, and when this mine cones on line in early 2021, Perseus’ production levels should be in the order of 500 000 oz of gold per year, at an all-in sustaining cost heading to approximately $800/oz,” said Quartermaine.

“Subject to the gold price at that time, this production and cost performance should enable Perseus to generate material amounts of free cash flow and record significantly greater profits.”