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Perseus Mining increases gold production, reduces costs in September quarter

Kitco Media
By Vladimir Basov
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(Kitco News) - Africa-focused gold miner Perseus Mining (TSX: PRU) today reported record quarterly gold production of 137,460 ounces in September quarter, 12% more than in June quarter.

The company noted material improvement at the Edikan gold mine with gold production up 82% from previous quarter to 52,127 ounces at an AISC of US$1,060 per ounce, 43% lower than the June quarter.

Perseus added that weighted average AISC reduced 12% to US$879 per ounce during the quarter, well below market guidance of $1,000 - $1,100 per ounce for the December 2022 half year.  

The company said it is on track to achieve its market guidance range of 240,000 to 265,000 ounces for the December 2022 half year.

Importantly, Perseus also reported notional cashflow from operations of US$112 million, a 32% increase from the prior quarter.

Perseus operates three gold mines in West Africa (Edikan in Ghana, Sissingué and Yaouré in Ivory Coast), with its third mine, Yaouré, pouring its first gold in December 2020.

The company has recently acquired Orca Gold, and now owns 70% of the Block 14 development project in Sudan, and a 31.4% stake in the Kone gold project in Ivory Coast.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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