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Perseus Mining steps up to S&P/ASX All Australian 200 Index

The company’s securities reached a new 12-month high last Friday and the market cap is now approximately $1.168 billion.

Perseus Mining Ltd - Perseus Mining added to S&P/ASX All Australian 200 Index
Perseus has two operating gold mines in West Africa and is developing a third

Perseus Mining Limited (ASX:PRU) (TSE:PRU) (FRA:P4Q) (OTCMKTS:PMNXF) strong market performance has been recognised with the company being added to the S&P/ASX All Australian 200 Index.

This change will be effective at the open of ASX trading on December 23, 2019.

The West African gold producer, which is developing its third mine, has been trending higher on the back of strong gold prices, improved operational stability and a diversified production base.

New six-year high

Last Friday the company reached a new six-year high of $1.075 while yesterday the securities closed at $1.00.

The company’s market cap is also reflecting the growth and it now stands at approximately $1.168 billion.

Changes in S&P/ASX indices

S&P Dow Jones Indices have announced today the changes in the S&P/ASX indices, effective at the open of trading on December 23, 2019.

At this rebalance, the S&P/ASX 200 index hierarchy and the S&P/ASX All Australian indices were reviewed.

Added to the S&P/ASX 20 Index is Newcrest Mining Limited (ASX:NCM) while South32 Ltd (ASX:S32) has been removed from this list.

There are no changes to the S&P/ASX 50 and S&P/ASX 100 indexes while additions to the S&P/ASX 200 Index are AP Eagers Ltd (ASX:APE) and Ingenia Communities Group (ASX:INA).

Apart from Perseus, other additions to the S&P/ASX All Australian 200 Index are IMF Bentham Ltd (ASX:IMF) and Megaport Ltd (ASX:MP1).

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®.

West African position

Perseus operates two gold mines in West Africa, Edikan and Sissingué, is developing its third mine Yaouré and is leveraged to the growing resource at Mako Gold Ltd’s (ASX:MKG) Napié project through its 49% ownership.

The company’s share price has outperformed most of its gold producer peers in recent months.

Since the 2018 annual general meeting, the net cash position has improved from $68 million at the 2018 AGM to $125 million which positions the company to continue its growth story in 2020.

On track for guidance

Perseus is on track to meet its 2020 financial year guidance of 260,000 to 300,000 ounces at an AISC of US$800-975 per ounce.

It has set a target of annual production of 500,000 ounces which will be made possible when Yaouré comes online by the end of 2020 along with ongoing and successful exploration.

The Yaouré project in Côte d'Ivoire is expected to produce at least 228,000 ounces annually.

Yaouré mining services contract

This week Perseus awarded a mining services contract for Yaouré to EPSA Internacional SA (EPSA), a privately owned, global earthmoving and mining contractor that is headquartered in Spain.

The contract will run for 65 months from November 1, 2020, and envisages the movement of around 170 million tonnes of material, including 27 million tonnes of ore containing more than 1.5 million ounces of gold.

ESPA is expected to begin mobilising equipment to site in the March 2020 quarter after which it will employ and train a predominantly Ivorian workforce in preparation for the formal start of the contract later in the year.

Quick facts: Perseus Mining Ltd

Price: 1.525 AUD

ASX:PRU
Market: ASX
Market Cap: $1.8 billion
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Perseus Mining produces another strong quarter at West African gold mines

Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) has recorded another strong quarter at its West African operations with gold production higher and costs lower. Managing director and CEO Jeff Quartermaine tells Proactive’s Andrew Scott that production of 64,676 ounces was 12% higher...

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