PERTH (miningweekly.com) – Dual-listed gold miner Perseus Mining has reported a 90% increase in revenue for the first half of 2022, with gold production increasing by 76% and sales by 87% on the previous corresponding period as the Yaouré mine achieved commercial production.

“Our financial results for the December 2021 half-year are indicative of our strong operating performance at all levels of our business during the period,” said MD and CEO Jeff Quartermaine on Wednesday.

“With three gold mines in operation, we are now producing gold at our targeted rate of approximately 500 000 oz of gold per year, and with excellent drill results coming from our organic growth programmes we are confident of at least maintaining this level of production and associated profitability well into the future.

“We have achieved these results in a West African setting with the Covid pandemic providing a backdrop, which I believe speaks volumes of the efforts of individuals in our teams at the mines, in the field and in our offices across Africa and Australia. It also underlines our collective commitment to our mission of creating material benefits for all of our stakeholders, in fair and equitable proportions.”

Gold production in the six months under review increased to 241 164 oz compared with the 137 386 oz produced in the previous corresponding period, while gold sales in the same period increased from 127 085 oz to 283 136 oz.

Perseus reported that the Yaouré mine contributed 139 747 oz during the six months under review, while 34 132 oz was produced at Sissingué, and 67 285 oz at Edikan.

Average sales prices for the first half were also up by 1%, resulting in revenues of $545.6-million, up 90.3% from the $286.6-million in the previous corresponding period.

Profit after tax for the six months to December was up 158.5%, to $126.9-million, while earnings before interest, taxes, depreciation and amortisation were up 101% to $252.4-million, and operating cash flows were up by 137% to A$245.9-million.

Looking at 2022, Perseus expects group gold production to reach between 471 164 oz and 506 164 oz, at an all-in sustaining cost of between $932/oz and $1 020/oz.