Perseus Mining Limited (ASX: PRU) today reported the gold production for three months to 31 March 2019 in line with expectations from its two flagship gold mines, Sissingué and Edikan, located in West Africa.
The Group achieved total gold production of 67,144 ounces in March 2019 Quarter, including 22,464 ounces gold production from the Sissingué gold mine in Côte d’Ivoire and 44,680 ounces from the Edikan gold mine in Ghana. The figure reflects the 5% improvement in the gold production posted in the previous corresponding quarter, i.e., March 2018.
Financial Year to date gold production of Perseus now sits at 207,691 ounces. However, the comprehensive report including operating cash flow, all-in site costs and quarter end cash and bullion balances for March 2019 Quarter is due to be released on 16 April 2019.
The quarterly production results demonstrate the company’s operations on track to achieve 2019 Financial Year production guidance of 271,000 to 291,000 ounces of gold and June 2019 Half guidance of 130,000 to 150,000 ounces.
Perseus currently focuses its activities on its three key projects, namely the Edikan Gold Mine in Ghana, Sissingué Gold Mine, and Yaouré Gold Project, both in Côte d'Ivoire. The group’s net profit after tax for the half-year ended 31 December 2018, after bringing to account a foreign exchange gain and income tax benefit, was $10.393 million. EBITDA for the half-year ended 31 December 2018 was up significantly from the comparative period to $86.982 million. There was a $114.98 million increase in revenue in 1HFY19 to $281.643 million, compared to $166.66 million in the previous corresponding period, mainly attributable to the additional production from the group’s second mine in Sissingué.
During the half year, Perseus produced 104,736 ounces of gold at an all-in site cost of US$1,151/oz. It compares to 108,008 ounces gold production in the previous corresponding period, reflecting 3% decline due to reduced recovery and higher AISC as a result of the lower production.
The SGM is located in the north of Côte d’Ivoire and lies within the Sissingué exploitation permit that covers an area of 446km² and is bounded on one side by the international border between Côte d’Ivoire and Mali. The group owns an 86% interest in the SGM, with the remaining 10% free carried interest held by the Ivorian government and 4% owned by local interests. Its total mill throughput for the period was 699k tonnes of ore grading 1.67 g/t of gold. The gold recovery rate was 95% that resulted in the recovery of 35,819 ounces of gold. A total of 47,772 ounces of gold were sold at a weighted average price of US$1,232/oz that underscores the gold production at an AISC of US$717/oz.
In today’s trading session, PRU stock price edged up by 1.538% to last trade at $0.462 on 5 April 2019. Over the past 12 months, the stock has declined by 1.09% despite the positive price change of 7.06% recorded in the past three months.
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