Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has increased its interest in Predictive Discovery Ltd (ASX:PDI, OTC:PDIYF) to 19.9%.
On August 15, Perseus increased its interest in African gold and West Africa by making a strategic equity interest in PDI, which holds the Bankan Gold Project in Guinea with an ore reserve of 3.05 million ounces.
Bankan gold potential
Perseus initially acquired a relevant interest in 13.82% of the issued shares of Predictive, with PRU chairman and CEO Jeff Quartermaine saying: “As a deliberate element of our capital management strategy, Perseus continues to assess and, where considered commercially appropriate, deploy our significant reserves of cash and bullion that totalled US$587 million at June 30, 2024, to pursue opportunities that will deliver material growth for our shareholders in coming years.
"Predictive’s Bankan Gold Project is an attractive gold development project located in a jurisdiction that has an increasing presence in the gold mining industry.
"We are looking forward to working with the Predictive management team and board to help realise the potential of the Bankan Gold Project.
"Perseus is currently focused on the development of our Nyanzaga Gold Project in Tanzania which we plan to bring into production by Q1 2027, as well as continuing to successfully operate our three existing mines, Yaouré, Sissingué and Edikan, which in FY24 produced a total of 509,977 ounces of gold at a weighted average AISC of US$1,053 per ounce.”
While Perseus has increased its holding, the company says it has no current intention to acquire control or make a takeover offer for Predictive.