Perseus near doubles revenue in 2013
PERTH (miningweekly.com) – Dual-listed gold miner Perseus Gold has nearly doubled its revenue during the financial year ended June, compared with 2012, as the company reported its first full year of production at the Edikan gold mine, in Ghana.
The ASX- and TSX-listed Perseus on Friday reported that total income for the 12 months to June had increased to $293.7-million, compared with the A$145.7-million reported over the previous financial year.
This was driven by a 52% increase in gold production from the Edikan mine, which produced some 208 444 oz during the full year, and followed the first full year after production following the successful commissioning of the project processing plant.
Despite the record revenue, Perseus reported that net profit for the year declined to $41.4-million in 2013, compared with the $52.4-million reported in 2012, which reflected the lower gold price, higher operating expenses, as well as a number of write-downs on investments.
“Our financial performance in 2013 was very solid, especially taking into account the recent volatility in gold price and technical challenges that needed to be overcome during the year at our flagship operation, Edikan,” said MD Jeff Quartermaine.
He noted that the company’s focus for 2014 would now be on building on its 2013 performance by improving operational efficiency as a means of maximizing the cash margin at Edikan.
Perseus would also look to develop its Sissingue gold project, in Cote d’Ivoire, during 2014.
The project is estimated to have a measured and indicated resource of some 18.9-million tonnes at 1.5 g/t gold for 925 000 oz, as well as an inferred resource of some seven-million tonnes at 1.3 g/t for 291 000 oz of gold.
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