Perseus maintains output guidance, despite lower-grade ore
PERTH (miningweekly.com) – Dual-listed gold miner Perseus Mining on Friday announced that it was on track to meet its full-year production guidance of between 190 000 oz and 210 000 oz, despite prolonged periods of low-grade ore from its Edikan gold mine, in Ghana.
Perseus said that, in the six months to December, it had been necessary to process more low-grade stockpiled ore than previously planned to supplement fresh ore produced at the Edikan mine, following a delay in obtaining statutory approvals to start the development of new openpits on the eastern side of the mining lease.
Since obtaining the initial approvals for the openpit mines in July 2014, the company had been working to mitigate the impact of the delay by accelerating mining in each of its Fobino Stage 3, Fetish and Chirawewa pits.
It was expected that mining rates would return to normal during late December; however, Perseus noted that because of the late start to mining, not all of the ore would be processed during the current period and some higher-grade ore would be held over for processing during the March quarter.
Despite the significant improvement in both the quantity and the grade of the ore mined in December, a shortfall in gold production relative to the guidance was expected for the December half-year. However, this shortfall would be recovered in the following six months to June, allowing full-year production targets to be met.
Meanwhile, the ASX- and TSX-listed miner also said on Friday that efforts to reduce its cost base at Edikan during the past six months had paid dividends, with unit cost guidance for the period remaining largely unchanged despite the drop in gold production during the December half-year.
Unit costs for the half-year ending June had been reduced to reflect the higher gold production, which resulted in the unit cost guidance for the full-year declining from between $1 100/oz and $1 200/oz, to between $1 050/oz and $1 150/oz.
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