Mining News
Strong performance in West Africa lifts Perseus’ net profit 61%
(Kitco News) - Perseus Mining (TSX & ASX: PRU) today reported that the group produced a total of 137,386 ounces of gold in the half-year period ended 31 December 2020, a 2% increase over the corresponding period in 2019.
Perseus said it has recorded a 61% increase in the group’s net profit after tax to A$49.1 million compared to the corresponding period in 2019. This profit was based on the strong operating performance at the low cost Sissingué gold mine in Côte d’Ivoire, combined with steady gold production at the Edikan gold mine.
The company’s net profit after tax of A$49.1 million or 3.0 cents per share attributable to the owners of the parent company materially exceeded the net profit after tax of A$30.4 million or 2.6 cents per share earned in the previous corresponding half-year period.
Perseus expects its financial performance to remain strong with continuing solid gold production and an improving cost structure at its two operating gold mines. Development of Yaouré, Perseus’s third operation, will be a major focus in the 2021 financial year.
Perseus now operates three gold mines in West Africa, with its third mine, Yaouré, pouring its first gold in December 2020. Annual gold production will increase to more than 500,000 ounces per year by 2022.
