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Perseus Mining announced net loss of USD 24.9 million for FY18

Mining News - Published on Thu, 30 Aug 2018

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Perseus Mining Limited announced a net loss after tax of USD 24.9 million for FY18, showing improvement from FY17 when it posted a net loss of USD 83.1 million. Although still in the red, Perseus has managed to improve performance due to a 36.5% increase in revenue to USD 387.1 million off the back of a 3.9% higher gold price and 31.4% higher gold sales as the company moved into commercial production at its Sissingue project and increased its production out of Edikan. Asset impairments and write-offs totalled USD 28.6 million with total cash and bullion at USD 89.8 million – up USD 46.8 million from FY17 and Perseus managed to increase operating cash flow by USD 67.4 million.

Recent exploration drilling supports Perseus’ aims to identify additional JORC resources and thus extend the five-year mine life at Sissingue.

The Company holds 90% of Edikan Gold Mine (EGM), 86% of Sissingué Gold Mine (SGM) and 90% of Yaouré Gold Project (YGP) after allowing for Government equity at mining stage.

Mr Jeff Quartermaine MD & CEO of Perseus’s said that “In the last twelve months, our Mineral Resource modelling at both Edikan and Sissingué has been proven to be robust with close reconciliation between contained metal forecast by our block models and metal indicated by grade control data at both mines. The demonstrated predictive reliability of our Mineral Resource models is providing a sound basis on which to plan our future.”

Mr Quartermaine said that “In this latest Mineral Resource estimate, we have constrained our resource models more tightly than before, using a more conservative gold price without changing the underlying integrity of the models. This resulted in a reduction in reported Mineral Resources across the Group, however, the change has not materially altered our view of what metal is in the ground, nor our view of what amount of metal can be economically extracted as Ore Reserves. This change in reporting is consistent with industry standards and is aimed at continuously improving the transparency and reliability of our reporting as part of our transformation from a single mine company to a multi-mine, multi-jurisdictional operation.”

He said that “The changes to our Ore Reserves that have been reported today largely reflect depletion by mining at Edikan and Sissingué over the last 12 months. The Yaouré Ore Reserve has not changed from that estimated in preparing the Definitive Feasibility Study for the Yaouré Gold Project which is currently on track to become Perseus’s third producing mine in late 2020/2021.”

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Posted By : Rabi Wangkhem on Thu, 30 Aug 2018
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