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Perseus Mining transformation complete

ASX-listed Perseus Mining has achieved commercial production status at its Sissingué gold mine in Côte d’Ivoire on 1 April 2018, following the completion of its ramp-up period ahead of schedule.

Mill throughput rates, gold recovery rates, grade reconciliation, mining rates have already exceeded the criteria established by Perseus Mining to define ‘commercial production’ after the mine was determined cash flow positive at 31 March 2018.

The capital cost of the development of the Sissingué mine and infrastructure, excluding early works but including the cost of operations readiness initiatives, is forecast at US$106.7 million, in line with budget.

Full transformation of Perseus Mining from a single mine, single country operation into a multi-mine, multijurisdictional business is now complete and the company is well positioned to achieve its goal of producing more than 500 000 oz of gold per year from its three West African operations, namely Edikan, Sissingué and Yaouré.

In the shorter term, at the end of the March 2018 quarter, the Perseus Mining group is on track to achieve production guidance for the Half Year and full Financial year to 30 June 2018 of 140 – 160 000 oz and 250 – 285 000 oz respectively.

“Reaching commercial production at our Sissingué gold mine in Côte d’Ivoire is a very important milestone for Perseus as we now have a second, high quality cash flow stream that materially reduces our reliance on our Edikan mine in Ghana for cash generation,” says Perseus’s MD and CEO Jeff Quartermaine.

“Cash flows from both operations will be deployed to partially fund the Yaouré gold mine, our third planned operation, the development of which is scheduled to start later this year, now that Sissingué is successfully up and running.”