Perseus sits steady as Yaouré looms
PERTH (miningweekly.com) – Gold miner Perseus Mining on Thursday reported that gold production for the three months to June had reached 64 125 oz, bringing interim production to 131 269 oz and full-year production to 271 824 oz.
The Edikan mine, in Ghana, produced 42 555 oz during the quarter under review, while Sissingue, in Côte d’Ivoire, delivered 21 570 oz during the quarter.
Perseus told shareholders that gold production from the Edikan operation was slightly lower than expected during the June quarter, as the grade of ore mined in the Esuajah North pit was lower. This was partially offset by a higher throughput rate and plant run time.
Gold production from Sissingue during the quarter was in line with expectations as access to high-grade ore in the pit bottom was re-established during June.
A total of 60 484 oz of gold was sold during the three months under review, at an average price of A$1 289/oz.
At the end of the quarter, Perseus had $119.3-million of cash and bullion at hand, an increase of $38.5-million on the previous quarter, while bank debt was reduced by $13-million to $31.5-million.
Meanwhile, the miner was expecting first gold pour from its $265-million Yaouré gold mine, also in Côte d’Ivoire, by December of this year.
Yaouré is expected to become a large-scale, low-cost gold mining operation producing an average of 215 000 oz/y over the first five years of its mine life.
Looking ahead, Perseus has predicted gold production for the 2020 financial year to reach between 260 000 oz and 300 000 oz, with all-in sustaining costs estimated at between $800/oz and $975/oz.
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