Cash flowing for rejuvenated Perseus

BOTH the accountant and MD in Jeff Quartermaine would be feeling very pleased indeed at the moment after Perseus Mining generated US$33.4 million of notional free cash flow last quarter, in the process putting the West African gold miner into a net cash position.

Cash flowing for rejuvenated Perseus Cash flowing for rejuvenated Perseus Cash flowing for rejuvenated Perseus Cash flowing for rejuvenated Perseus Cash flowing for rejuvenated Perseus

Much better times at Perseus now in play.

A net quarterly increase in cash and bullion of A$30.3 million was recorded in the just completed June quarter, resulting in available cash and bullion at 30 June 2018 of $89.8 million -  $4.8 million more than group bank debt of $85 million.

Twelve months ago free cash flow was less than $9 million, though in fact that was a big improvement on 12 months earlier when no cash was generated as the company bled funds due to issues at its Edikan operation.

In response to an analyst question today about debt repayments, Quartermaine said the company was putting in place a revolving line of credit that meant cash flows from its Ediken and Sissingue operations could be put towards funding the planned large scale plus-200,000 ounce per annum Yaoure mine development in Co...