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Perseus Mining reports positive 4Q17 results

Published by , Assistant Editor
Global Mining Review,

West African focussed mining and exploration company Perseus Mining has delivered its fourth consecutive quarter of strong operating performance across all parts of its business.

Highlights of 4Q17 include:

  • Perseus’s Edikan Gold Mine in Ghana (Edikan) produced 56 699 oz of gold for the quarter, 11% more than in the previous quarter and 76% more than the corresponding period in 2016.
  • Annual gold production of 208 226 oz in calendar year 2017 was the highest annual total since commercial production started in 2012.
  • Edikan’s quarterly production cost was US$998/oz and its all-in site cost (AISC) was US$1093/oz, 2% less than the prior quarter and 41% less than the corresponding period in 2016. On an annual basis, the AISC was US$1109/oz, 28% less than in 2016.
  • The average price of gold sold during the quarter was US$1260/oz and for the full year, US$1275/oz, generating positive cash margins of US$167 per ounce and US$166/oz in each of the periods.
  • Development of the Sissingue´ Gold Mine in Cote d’Ivoire (Sissingue´), Perseus’s second operating mine, progressed strongly with first gold being poured at Sissingue´ on 26 January 2018, a month ahead of schedule and on budget. The mine is on track to start commercial gold production on or before 31 March 2018.
  • The positive definitive feasibility study for the Yaoure´ Gold Project in Cote d’Ivoire (Yaoure´), Perseus’s planned third gold mine, confirmed that Yaoure´ is economically attractive and has a strong production and relatively low-cost profile over its currently defined 8.5-year mine life, with significant potential for extension.

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