Make Kitco Your Homepage

Strong performance in West Africa lifts Perseus’ net profit 61%

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.