Perseus Mining Ltd (ASX:PRU) shares are trading about 6% higher intra-day at 70 cents as the gold producer’s margins and production profile continue to grow.
Rising gold prices may have had an impact as well, with the gold prices strengthening on Tuesday ahead of a U.S. Federal Reserve meeting, at which the Fed is widely expected to lower interest rates by 25 basis points.
If implemented, this would be the central bank's first rate cut in a decade.
Gold in July surpassed US$1450 for the first time in six years on anticipation of a deeper rate cut.
READ: Perseus Mining’s price target raised by Canaccord Genuity after exceeding gold production target
Perseus achieved its market guidance by producing 271,824 ounces of gold at US$960 per ounce for the 2019 financial year.
The company has also secured funding to develop its third gold mine, Yaouré in Cote d’Ivoire.
Development work at Yaouré has started with the purchase of long-lead items of plant and equipment and the progressive assembly of Perseus’ development team.
Yaouré construction is expected to commence in earnest in September with preliminary activities focusing on site development works.