Perseus Mining’s (TSX:PRU, ASX:PRU) gold production soared in the second quarter with a record output of 83,881 ounces amounting in a 31 percent increase from Q1, the company announced on Thursday (July 5).
Of the 83,881 ounces, 57,861 of them came from the Edikan gold mine in Ghana and 26,020 ounces was produced at the recently commissioned Sissingué gold mine in Côte d’Ivoire. Perseus’s Q2 production increased by 63 percent versus the corresponding quarter in 2017.
“Over the last 18 months, Perseus has been steadily improving its production performance at Edikan and with our second mine, Sissingué, successfully coming on stream earlier this year, we have been able to move our production to another level, allowing us to achieve a number of production records and strong operating cash flows this quarter,” said Perseus’s CEO and managing director, Jeff Quartermaine.
The company also boasted a record half-year production of 147,908 ounces of gold, which was within its production guidance range of 140,000 to 160,000 ounces of gold and 37 percent more than in the second half-year of 2017.
In the half-year, the Edikan mine produced 112,843 ounces of gold, while the Sissingue mine contributed 35,425 ounces.
“This strong performance is important for Perseus in the context of our next development, the Yaouré gold mine, which we plan to start developing later this year. Based on current market conditions, it is expected that Yaouré will be financed from internally generated cash reserves and debt that is in the process of being arranged,” noted Quartermaine.
With the the two half-years of production combined, Perseus’s annual gold production for the financial year ended June 30, 2018 was 255,916 ounces, an increase of 45 percent from the previous financial year and the best annual production in the company’s history.
As of 11:33 a.m. EST, Perseus’ stock price was up 13.10 percent, trading at C$0.48.
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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.
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