Perseus finds King Solomon’s mines in West Africa; digs up record gold production
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Perseus Mining has dug up what it says is a “record June quarter” for gold production.
The company extracted 83,881 ounces of gold in the three months to the end of June, which was 31 per cent more than in the quarter before.
Perseus (ASX:PRU) — which has projects in Cote d’Ivoire and Ghana — gained 10 per cent to an intraday high of 48c before cooling slightly to 47c by 11.20am AEST.
The full-year production number was 255,916 ounces, which was towards the bottom of its forecast range but 47 per cent better than in fiscal 2017.
The explorer’s Edikan mine in Ghana had its second best quarter in the mine’s six-year history, and the recently commissioned Sissingué gold mine in Côte d’Ivoire also contributed to the rise in full year production.
“We have been able to move our production to another level, allowing us to achieve a number of production records and strong operating cash flows this quarter,” said chief and managing director Jeff Quartermaine.
“This strong performance is important for Perseus in the context of our next development, the Yaouré gold mine, which we plan to start developing later this year.
“Based on current market conditions, it is expected that Yaouré will be financed from internally generated cash reserves and debt that is in the process of being arranged.”