Company
ASX:PRU
Perseus Mining Ltd (PRU:ASX) operates three gold mines in Africa: Edikan in Ghana, Sissingué and Yaouré in Côte d’Ivoire. The company acquired Orca Gold and now owns 70% of the Meyas Sand Gold Project in Sudan (formerly 'Block 14 Development Project').
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The company operates two gold mines in West Africa and is developing its third mine with gold production expected to increase to more than 500,000 ounces per year in 2021/2022.
Edikan’s updated reserves lifted 16% from the mid-2019 estimate and now total 46 million tonnes at 1.1 g/t for 1.6 million ounces of gold.
Perseus forecasts a stronger grade-driven performance in both production and costs in the June 2020 half year.
Perseus produces gold from the Edikan mine in Ghana and Sissingué mine in Côte d'Ivoire.
Yaouré will be the company’s third gold mine and integral to growing production to 500,000 ounces per annum by FY2022.
Cormark Securities has initiated coverage on Perseus with a buy rating and a C$1.15 target.
Perseus has maintained its full-year guidance ending June 30, 2020 of 275-295,000 ounces of gold at an all-in sustaining cost of US$850-950 per ounce.
The company has maintained its full-year guidance ending June 30 2020 of 275-295,000 ounces of gold at an AISC of US$850-950 per ounce.
The company’s securities reached a new 12-month high last Friday and the market cap is now approximately $1.168 billion.
The contract has been awarded to Spanish-based global earthmoving and mining contractor EPSA Internacional SA.
The convention provides a guarantee of fiscal stability and sets out a range of other rights and obligations that will apply during the mine’s life.
The company’s share price has outperformed most gold producer peers in recent months and today’s increase of up to 8% was supported by a rally in the gold price.
Shares in the company have been trading strongly recently, more than doubling year to date.
A collaborative effort has been undertaken to implement sensing, data acquisition and expert input to improve grinding circuit operations at Edikan.
90%-owned subsidiary Perseus Mining Ghana (PMGL) has purchased an option to acquire the Agyakusu prospecting licence PL 2/177 from Adio-Mabas Ghana Limited.
Canaccord has raised its target price for Perseus from $1.05 per share to $1.20 per share (current price: 84 cents per share).
Mako Gold is earning up to a 75% interest in the Napié project under a farm-in and joint venture agreement with Occidental Gold SARL, a subsidiary of Perseus.
The multi-mine gold producer operating in multiple jurisdictions is developing its third operation as it targets annual production of 500,000 ounces.
Appointment of the non-executive director will be put to shareholders at the upcoming annual general meeting.
The West African gold producer, developer and explorer has a strong balance sheet and is well funded to pursue its growth strategy.
