Perseus Mining Ltd

Perseus Mining substantial shareholder Franklin Resources lifts interest to 9.8%

At the company’s current share price of 47.2 cents, Franklin’s investment is valued at more than $48.15 million.

Increasingly high stacks of gold coins
Perseus has producing gold assets in West Africa

Perseus Mining Limited (ASX:PRU) substantial shareholder Franklin Resources, Inc and its affiliates has lifted its interest in the West African gold producer to 9.8% from 7.72%.

Since December 1, 2017, Franklin has made a series of transactions, with the most recent on April 2, 2019, being the exercise of in excess of 22 million warrants valued at more than $9.76 million.

The investor now holds more than 102 million shares.

READ: Perseus Mining results reflect golden times for company in West Africa

Perseus is producing at the Edikan and Sissingue projects in Ghana and Cote d’Ivoire respectively and is moving towards a third operating mine at Yaouré in central Cote d’Ivoire.

In its half-yearly report, managing director Jeff Quartermaine said that in most respects the company was in its best-ever condition financially and operationally “and is very well positioned to continue the strong growth”.

He said the strong financial results were a direct result of continuing strong production and cost performance at the two operating mines in Ghana and in Côte d’Ivoire.

READ: Perseus Mining produces gold ounces in Ghana and Cote d’Ivoire

There were 140,555 ounces of gold produced in the six months to December 31, 2018, which was 30% higher than in the corresponding period of 2017.

The weighted average all-in site cost, including the costs of production, royalties and sustaining capital, was US$999 per ounce, a 10% reduction on the same period in 2017.

In the six months, Perseus recorded a net profit after tax of $10.4 million or 1.0 cents per share, compared to a net loss after tax of $13.9 million in the six months to December 31, 2017.

Quartermaine added: “In the coming six months, we expect to commence development of our third operating mine, Yaouré.

“When this mine comes online in early 2021, annual production levels should be in the order of 500,000 ounces of gold at an AISC heading to approximately US$800 per ounce.

“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.”

Quick facts: Perseus Mining Ltd

Price: $0.76

Market: ASX
Market Cap: $890.59 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Perseus Mining Ltd named herein, including the promotion by the Company of Perseus Mining Ltd in any Content on the Site, the Company receives...



Perseus Mining highlights golden milestones for June quarter

Perseus Mining managing director and CEO Jeff Quartermaine speaks to Proactive Investors about the latest quarterly update with gold production reaching more than 64,000 ounces. “This has meant half yearly production figures of 131,269 ounces are well above the guidance range we gave to...

on 18/7/19


Holding(s) in Company

4 days, 10 hours ago

Director/PDMR Shareholding

6 days, 14 hours ago

Director/PDMR Shareholding

1 week, 1 day ago

Holding(s) in Company

1 week, 5 days ago

Holding(s) in Company

1 week, 6 days ago

Holding(s) in Company

1 week, 6 days ago

Holding(s) in Company

2 weeks ago

Total Voting Rights

2 weeks, 2 days ago

2 min read