Perseus Mines increases output in Sept quarter

Gold miner Perseus Mining has reported a 6% increase in production for the three months to September, as both the Edikan mine, in Ghana, and the Sissingue mine, in Cote d’Ivoire, continued to perform strongly.

Gold production for the quarter reached a combined 68 772 oz, with Edikan producing 39 685 oz during the quarter and Sissingue producing 29 087 oz.

Gold sales for the quarter under review declined by 23% in the June quarter, to 60 441 oz, at an average sales price of $1 595/oz. The miner told shareholders on Tuesday that the June quarter sales were abnormally high owing to a deferral of sales in the March quarter.

At the end of the September quarter, gold forward sales contracts were in place for 215 277 oz of gold at a weighted average sales price of $1 434/oz, and the hedges will be delivered progressively over the period leading to the end of June 2022.

The company also held spot deferred sales contracts for a further 95 300 oz, at an average price of $1 586/oz.

Looking ahead at the December quarter, Perseus expected both the Edikan and the Sissingue mines to continue to produce strongly, while the Yaoure development, in Cote d’Ivoire, is expected to contribute to production for the first time.

Project development at Yaoure is some 85% complete, with $222.7-million of the budgeted $265-million already committed.

Gold production in the December half is expected to reach between 125 500 oz and 139 000 oz, with all-in sustaining costs expected at between $940/oz and $1 025/oz for the half-year.


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