- Perseus Mining (PRU) has achieved a 29 per cent increase in gold production and a 31 per cent increase in gold sales over the March quarter
- The West African mining company’s Yaouré Gold Mine was commissioned over the period, helping production for the period total 88,458 ounces of gold
- PRU’s all-in sustaining cost (AISC) for its mines also fell from US$1036 per ounce (around A$1331) to US$999 per ounce (about A$1283)
- But the company’s average realised gold price decreased 3.5 per cent to US$1628 per ounce (roughly A$2091)
- The drop in price resulted in a 7 per cent decrease in the March quarter’s notional cash flows from these operations
- PRU’s production forecast for the June quarter remains unchanged, while its net cash position at the end of March was US$5.8 million (about A7.45 million)
- Company shares are trading down a slight 0.38 per cent at $1.33 per share
Perseus Mining (PRU) has achieved a 29 per cent increase in gold production and a 31 per cent increase in gold sales over the March quarter.
The West African mining company released its quarterly report today, highlighting that it ended March having produced 88,458 ounces of gold and having sold 87,215 ounces.
The increases in both key metrics come after the mining stock’s Yaouré Gold Mine was commissioned over the period, marking its third gold mine alongside the Edikan and Sissingué gold mines.
Along with the increase in production and sales, PRU’s all-in sustaining cost (AISC) for its mines over the March quarter also fell 3.5 per cent from US$1036 per ounce (around A$1331) to US$999 per ounce (about A$1283).
However, the company’s average realised gold price over the period decreased 3.5 per cent to an average price of US$1628 per ounce (roughly A$2091).
The drop in gold price resulted in a 7 per cent decrease in the March quarter’s notional cash flows from these operations, dropping from US$44.6 million (approximately A$57.26 million) in December to US$41.7 million (about A$53.53 million).
Looking forward, Perseus is maintaining its production forecast of 175,000 ounces to 190,000 ounces by the June 2021 half-year period.
The company also confirmed it had improved its net cash position over the March period, from a net debt balance of US$11.8 million (roughly A$15.5 million) to a positive cash balance of US$5.8 million (about A7.45 million).
Following today’s update, Perseus Mining shares are trading down a slight 0.38 per cent at $1.33 per share at 12:56 pm AEST.