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Perseus Mining Ltd

Perseus Mining March quarter production has it on track to meet guidance

Perseus must produce 63,309 ounces in the final June quarter to make the lower end of full-year guidance.

map of africa and mine locations marked
The full quarterly report will be released on 16 April

Perseus Mining Ltd (ASX:PRU) has revealed it produced gold in line with expectation during the March quarter from its two West African gold mines, Edikan and Sissingué.

Reconciled March 2019 quarter gold production of 67,144 ounces was 5% more than in the corresponding quarter in 2018.

This comprised 44,680 ounces from the Edikan gold mine in Ghana and 22,464 ounces of gold from the Sissingué gold mine in Côte d’Ivoire.

Perseus said it remains on track to achieve June 2019 half year guidance of 130,000-150,000 ounces and full year guidance of 271,000-291,000.

Through the first three quarters, production totals 207,691 ounces.

READ: Perseus Mining produces gold ounces in Ghana and Cote d’Ivoire

Perseus’s CEO and managing director Jeff Quartermaine said: “This is the ninth consecutive quarter that Perseus has reported strong operating performances from its West African gold mines and over this time, the company has established a credible record of delivering on promises by consistently achieving market production and cost guidance.

“Given the material improvement in our operating performance in recent times, as demonstrated by the strong performances at Edikan and Sissingué, achievement of the company’s objective of producing 500,000 ounces of gold per year from 2022 appears well within our operating capacity once the Yaouré Gold Mine is developed and we are looking forward to delivering this outcome in due course.”

Perseus plans to publish its full March quarter report including all-in site costs and operating cash flow on 16 April 2019.

READ: Perseus Mining substantial shareholder Franklin Resources lifts interest to 9.8%

Earlier this week, substantial shareholder Franklin Resources, Inc and its affiliates lifted its interest in the West African gold producer to 9.8% from 7.72%.

Quick facts: Perseus Mining Ltd

Price: $0.76

Market: ASX
Market Cap: $887.67 m
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