HomeNews$60M debt facility approval granted for Perseus Mining's Sissingué

$60M debt facility approval granted for Perseus Mining’s Sissingué

Full credit committee approval of a US$60 million project debt facility has been received by Macquarie Bank and BNP Paribas, the prospective lenders tothe Sissingué gold project.

Final documentation and satisfaction of conditions precedent for the facilities are due for completion in the December 2016 quarter at which time funds should be available for draw down.

In the interim, development work at Sissingué, funded from the proceeds of a recent equity offering by Perseus, has advanced and the project is on schedule for the production of first gold in the December 2017 quart

This is a major milestone that Perseus Mining has achieved on its path to implementing a strategy of transforming the company into a multi-jurisdictional, multi-mine producer of in excess of 500 000 oz of gold per year by 2021.

Jeff Quartermaine, MD of Perseus says the steady progress that continues to be made by Perseus towards the implementation of its corporate growth strategy is very encouraging.

“Not only is our Edikan gold mine in Ghana performing very well and on track to achieve production and cost guidance for the current half year, but sound progress is also being made with the financing and development of our second mine at Sissingué in Côte d’Ivoire,” Quartermaine says.

Appointment of a Chief Operating Officer

In anticipation of the expansion of its operating activities which include both the Edikan gold mine in Ghana and Sissingué by the end of 2017 – and with the prospect of developing a third mine at Yaouré within several years – Perseus Mining has appointed Chris Woodall as Chief Operating Officer (COO).

Woodall is a Australian mining professional who comes to Perseus equipped with a large amount of highly relevant operating experience needed to successfully perform the COO role for Perseus.

Reporting to the CEO, Woodall will be based out of Perseus’s corporate office in Perth but will necessarily spend a significant proportion of his time in West Africa overseeing the growth of Perseus’s gold mining operations.

Quartermaine notes that a key determinant of the company’s ability to continue to successfully implement its plans is the on-going performance of the its people and on that basis the retention of the services of a mining professional of the caliber of Woodall to perform the role of COO is a major step forward for Perseus Mining.

“I am looking forward to welcoming Woodall into our executive management team and working very closely with him to ensure our success continues in implementing our plans to generate materially improved returns for our shareholders,” Quartermaine concludes.