Perseus maintains full-year production guidance
ASX-listed Perseus Mining has maintained its full-year production guidance at between 469 709 oz and 504 709 oz of gold at an all-in sustaining cost (AISC) of between $1 250/oz and $1 280/oz, after reporting production of 121 605 oz of gold at an AISC of $1 209/oz for the quarter ended March 31 – the third quarter of its financial year.
The miner, which operates the Yaouré and Sissingué mines, in Côte d’Ivoire, and Edikan, in Ghana, sold 117 585 oz of gold at an average price of $2 462/oz in the March quarter.
The Yaouré mine produced 68 822 oz of gold in the quarter – a 3% quarter-on-quarter increase – on the back of a 4% increase in total ore tonnes milled.
During the quarter, Perseus took a final investment decision to develop the CMA underground operation at Yaouré. It will be Côte d’Ivoire’s first mechanised underground mine and will extend the Yaouré operation’s life until at least 2035.
The Sissingue mine, meanwhile, recorded a 34% quarter-on-quarter decrease in production to 11 115 oz for the March quarter, mainly owing to lower head grade resulting from the need to process stockpiled lower-grade material while waste stripping progressed at Fimbiasso West and Sissingue Stage 4 to access higher-grade ore.
The mine’s performance is expected to improve in the fourth quarter of the financial year to June 30 as access to these higher-grade areas is achieved.
The Edikan mine also recorded a 15% quarter-on-quarter decrease in output to 41 668 oz for the March quarter, mainly owing to the planned ramp-down of mining at the AG and Fetish pits, the transition to the Nkosuo operations and two scheduled mill liner replacements.
Meanwhile, Perseus ended the March quarter with available cash and bullion of $801-million, as well as liquid listed securities of $111-million.
It had zero debt and available undrawn debt capacity of $300-million at quarter-end.
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