Perseus Mining delivers another impressive quarter of gold production in West Africa
Proactive Investors
Published Apr 24, 2024 11:31
Updated Apr 24, 2024 12:00
Perseus Mining delivers another impressive quarter of gold production in West Africa
Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has delivered another impressive quarter of gold production from its three operating gold mines in West Africa — Yaouré and Sissingué in Côte d’Ivoire and Edikan in Ghana.
Across the three mines, Perseus produced 127,471 ounces of gold in the March 2024 quarter, bringing financial year-to-date gold production to 389,048 ounces.
The weighted average production cost at the operations was US$923 per ounce, while the weighted average all-in site cost (AISC) was US$1,091 per ounce of gold.
Combined gold sales from all three operations totalled 115,648 ounces or 19,489 ounces in the March quarter. This was less than in the December 2023 quarter, due to the timing of gold shipments and sales.
The company’s weighted average gold price realised was US$2,025 per ounce — a 3%, or US$62 per ounce, increase from the December 2023 quarter price of US$1,963 per ounce.
With this, the company achieved an average cash margin for the quarter of US$934 per ounce, resulting in notional operating cashflow from operations of US$119 million and US$373 million for the financial year to March 31, 2024.
This was down US$3 million from the December quarter, due to a higher AISC, particularly at Yaouré, where increased material movements from the open pit increased unit costs per ounce.
Growth in gold production at attractive cash margins.
Looking ahead, Perseus expects its strong operating performance to continue for the remainder of the June 2024 half year with gold production and AISC guidance unchanged at 226,000-254,000 ounces of gold at an AISC of US$1,180 to US$1,340.
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