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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Lougher has worked with numerous Australian and international companies in a variety of roles throughout his extensive 35-year career, including 18 years working in Africa.
Yaouré is expected to become a large-scale, low-cost gold mining operation that will form an important part of Perseus’ asset portfolio.
All major prerequisites for the development of the Yaouré gold mine are now in place.
Investments and investor services
ASX 200 is down 0.12% or 7.8 points lower to 6,374.3 points at 11.27am.
The gold producer expects to comfortably achieve its half-year guidance after a strong March quarter.
The cash flow generated from the quarter was more than double the prior December quarter.
Funds will assist the company in its next growth phase, which includes development of its third West African gold mine.
Investments and investor services
The trading halt will remain in place until an announcement is made or the beginning of ASX trading on Monday, April 15, 2019.
This amount of debt with the company’s cash and bullion can fund developing Yaouré.
Perseus must produce 63,309 ounces in the final June quarter to make the lower end of full-year guidance.
At the company’s current share price of 47.2 cents, Franklin’s investment is valued at more than $48.15 million.
The company is expected to post its latest production figures later this month.
The company is “in best-ever condition” as production increases 30% and average all-in site cost reduces 10%.
Pricing for near half of planned gold production through to December 2019 is now locked in.
The company is on track to reach its target of about 500,000 ounces of gold production a year with an AISC of US$850 by 2022.
The new contract continues Perseus’ association with Lycopodium, following the successful delivery of the Sissingué Gold Project.
The company has two operating gold mines in West Africa with a third on the way.
Perseus’ two operating mines are Edikan and Sissingué in West Africa with a third on the way.
The discovery exhibits similarities to the nearby 475,000-ounce gold Esuajah North open pit.
Manas Resources is earning a 70% interest in the M’bengué project by sole-funding exploration.
