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(Kitco News) - Africa-focused gold producer Perseus Mining (TSX: PRU) announced today that in the March quarter of 2023, the company produced 130,275 ounces of gold, in line with the previous quarter (130,911 ounces) and the March quarter of 2022 (130,523 ounces).
Importantly, the company said that its all-in site cost (AISC) of US$971 per ounce weighted average in the March quarter of 2023 was 1.2% lower than the December 2022 quarter and 7% higher than the March 2022 quarter.
Perseus also reported that average cash margin of US$850 per ounce of gold sold was 11% greater than in the prior quarter, reflecting both an improved realized gold price and the AISC decrease, adding that notional cashflow from operations of US$111 million achieved during the quarter was 10% higher than last quarter (US$101 million).
“Strong quarterly cashflows further strengthened Perseus’s financial position with available cash and bullion of US$471 million, zero debt, net cash and bullion balance increased by US$66 million at quarter end,” the company said in a press release.
“Perseus’s strong operating performance is forecast to continue in the June 2023 quarter with both gold production and cost guidance for the 2023 June half year and financial year, expected to be achieved,” it added.
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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