Perseus swings to profit in interim period
PERTH (miningweekly.com) – A weaker Australian dollar and higher gold production from the Edikan mine, in Ghana has resulted in dual-listed gold miner Perseus Mining reporting a significant swing in profit during the interim period ended December.
The miner on Monday announced that after-tax net profit for the half-year increased by 1 123% on the previous corresponding period, with the company swinging from a net loss of A$4-million to a profit of A$41.1-million.
The foreign exchange rate gain amounted to some A$39.1-million for the period.
The higher production helped to increase revenue to A$142.1-million during the six-month period, compared with $135.3-million in the previous corresponding period.
The Edikan gold mine produced 100 016 oz of gold during the period under review, at an all-in site cost of $988/oz, up from the 94 190 oz produced in the 2013 half-year. The 6% increase in gold production was owing to a higher average head grade, along with improved gold recoveries, Perseus explained.
A range of business initiatives were also introduced at Edikan targeting cost reductions, and the miner noted that while the impact of some of these initiatives have been immediate, it is expected that further significant efficiency gains and cost improvements would be recorded in future periods.
For 2015, Perseus said it expected to produce between 215 000 oz and 225 000 oz, at all-in cash costs of between $1 050/oz and $1 150/oz.
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