- Perseus Mining (PRU) improves results across its key metrics as it targets annual gold production of 500,000 ounces
- During the half, the company produced about 241,000 ounces of gold at an all-in site cost of US$949 per ounce (A$1313) and a price of US$1,663 per ounce (A$2301)
- Revenue was boosted by 90 per cent to $545.7 million, while net profit after tax lifted 159 per cent to $126.9 million
- In the future, the company expects the positive trend of improved earnings and cashflow to continue
- Shares are trading 2.61 per cent lower today at $1.59 each
West African gold producer, Perseus Mining (PRU) has improved results across its key metrics as it targets annual gold production of 500,000 ounces.
During the half the company was on track for its target, producing about 241,000 ounces of gold at an all-in site cost of US$949 per ounce (A$1313) and a price of US$1,663 per ounce(A$2301).
Revenue was boosted by 90 per cent to $545.7 million, which is attributed to the Yaouré mine’s contribution since achieving commercial production.
It was also supported by the Sissingué mine, while the Edikan mine underperformed during the period.
Net profit after tax, after bringing a foreign exchange loss into account, was $126.9 million, a 159 per cent increase from the previous period.
The foreign exchange loss came in at $7.7 million due to the Australian dollar weakening against the US dollar.
In the future, the company expects the positive trend of improved earnings and cashflow to continue as it progresses towards its objective of producing more than 500,000 ounces of gold.
Perseus will pay an interim dividend of 81 cents per share, which will go ex-dividend on March 7 with payment to be made on April 7.
Chief Executive Officer Jeff Quartermaine said the half-year results demonstrate the company’s strong performance at all levels of business.
“With three gold mines in operation, we are now producing gold at our targeted rate of approximately 500,000 ounces of gold per year, and with excellent drill results coming from our organic growth programmes we are confident of at least maintaining this level of production and associated profitability well into the future,” he said.
“We have achieved these results in a West African setting with the COVID-19 pandemic providing a backdrop, which I believe speaks volumes of the efforts of individuals in our teams at the mines, in the field and in our offices across Africa and Australia.
“It also underlines our collective commitment to our mission of creating material benefits for all of our stakeholders, in fair and equitable proportions.”
Shares were trading 2.61 per cent lower today at $1.59 each at 1:15 pm AEDT.