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Perseus Mining profit soars on higher gold production and prices

Last updated: 19:52 17 Sep 2023 EDT, First published: 21:48 23 Aug 2023 EDT

Snapshot

  • Perseus Mining only remaining OreCorp bidder
  • Perseus Mining welcomes record FY23 financial performance
gold

About the company

Perseus Mining Ltd (PRU:ASX) operates three gold mines in Africa: Edikan in Ghana, Sissingué and Yaouré in Côte d’Ivoire.

The company acquired Orca Gold and now owns 70% of the Meyas Sand Gold Project in Sudan (formerly 'Block 14 Development Project').

How it is doing

25 Mar 2024

Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) is the only remaining bidder for African-focused gold explorer OreCorp Ltd after the offer from Canadian-based Silvercorp Metals Inc (TSX:SVM, AMEX:SVM) lapsed.

OreCorp has subsequently exercised its right to terminate the Bid Implementation Deed while its board has recommended that shareholders accept the amended Perseus proposal once it becomes capable of acceptance, in the absence of a superior proposal.

Last week Perseus offered to increase its takeover offer to A$0.575 per share provided that the OreCorp board recommend to shareholders that they accept the amended proposal.

With the OreCorp board determining that the amended Perseus proposal was superior and with no superior offer emerging, the board has made its unanimous recommendation.

19 Mar 2024

Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has increased the offer consideration under its existing off-market takeover bid for fellow African gold play OreCorp Limited to A$0.575 per OreCorp share from the previous $0.55.

OreCorp has received the conditional offer subject to OreCorp’s board recommending that shareholders accept Perseus’s offer in the absence of a superior proposal.

22 Feb 2024

Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has boosted its after tax half year profit by 21% to US$164.7million, supported by a strengthened gold price.  

The African focused gold producer, developer and explorer reported material improvements across all key financial metrics for the half year to December 31, including revenue, EBITDA, profit after tax, operating cash flow and net cash position.

What management says

30 Aug 2023

Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) CFO Lee-Anne de Bruin talks Proactive through the company’s FY23 highlights. PRU reported revenue of $1.426 billion (up 27%) , EBITDA of $821.3 million (up 46%) and profit before tax of $568.8 million (up 103%). She says the results reflect the company’s continued strong operating performance at all levels of the business. She adds that a bonus dividend will be paid on top of its final dividend for FY23 - bringing the full year dividend yield to 2%.

Perseus Mining boosts cash and bullion to US$594 million

Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) managing director and chief executive officer Jeff Quartermaine breaks down the highlights of the company’s September quarter. Gold production for the period came in at 132,804 ounces at an all in sustaining cost of US$937 per ounce. The average...

on 23/10/23