Perseus transformation underway

ANNUAL production of 70,000 ounces of gold from a mine in outback Western Australia, let alone West Africa, does not exactly get the blood racing, writes Barry FitzGerald.

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Perseus' Sissingue mine

So when Perseus Mining declared April 1 as the first day of commercial production at its new Sissingué gold mine in Côte d'Ivoire, it could have quickly passed as a ho-hum event.

But Sissingué is anything but that for Perseus. It is transformational on a number of levels.

It means Perseus is no longer wholly reliant on its 200,000oz a year Edikan mine in Ghana, giving it jurisdictional diversity in a part of the world where that is a good thing to have.

It also means a second source of cash flow to help defray the US$263 million development cost of a planned third West African mine, the 215,000oz a year Yaouré mine, also in Côte d'Ivoire.

Together, Sissingué and the Yaouré development puts Perseus on a pat...