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Perseus hits upper end of December half guidance after strong quarter

The company has maintained its full-year guidance ending June 30 2020 of 275-295,000 ounces of gold at an AISC of US$850-950 per ounce.

Perseus Mining Ltd - Perseus hits upper end of December half guidance after strong quarter
Gold is produced from the Edikan mine in Ghana and Sissingué mine in Côte d'Ivoire

Perseus Mining Ltd (ASX:PRU) achieved gold production of 69,155 ounces in the December quarter for 134,980 ounces in the half at an all-in sustaining cost (AISC) of US$942 per ounce.

The half-year production was at the top end of the guided production range of 120-140,000 ounces and costs also were comfortably within the guided cost range of US$850-1,000 per ounce.

Production for the half was 2.8% higher than the prior June half 2019.

Yaouré development project on schedule and budget

By 31 December 2019, US$165.5 million or 62% of the budgeted project cost of US$265 million had been committed for the development of Perseus’s third gold mine, Yaouré in Côte d'Ivoire.

Of the US$165.5 million committed, US$99.3 million has been paid in cash to suppliers of goods and services.

As per the graph below, December 31 cash and bullion was at US$80.6 million after Yaouré capital expenditure during the quarter of US$72.4 million.

Offsite procurement and development works remain largely on schedule to achieve the stretch target of first gold pour in December 2020.

Busy March quarter ahead

A number of work programs are ongoing during the current March quarter including:

  • Edikan: Complete an assessment of the feasibility of developing the Esuajah South orebody;
  • Sissngue: Complete an initial Mineral Resource and Ore Reserve estimate for Zanikan and apply for permits;
  • Sissngue: Continue drilling at the various prospects in the Zanikan area and other prospects within trucking distance of Sissingué; and
  • Yaouré : Continue full-scale construction.

Quick facts: Perseus Mining Ltd

Price: 0.92 AUD

ASX:PRU
Market: ASX
Market Cap: $1.07 billion
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