Growing Perseus records big jump in profit

PERSEUS Mining has signed off on a breakout year with a net profit after tax of A$94 million and a 41% increase in cash and bullion to $237.5 million.
Growing Perseus records big jump in profit Growing Perseus records big jump in profit Growing Perseus records big jump in profit Growing Perseus records big jump in profit Growing Perseus records big jump in profit

Yaoure, back in the day, Cote d'Ivoire

Debt stood at $218 million, while dividends look to be another year or two away given a 6-9 month ramp up of the new flagship Yaoure development in Cote d'Ivoire begins in December.

Perseus' earnings last financial year increased 67% to $274 million after 257,639 ounces were produced at average all-in site costs of US$972/oz.

For that output, the company received an average gold price of $1457/oz, an increase of $200/oz on the previous year.

Yaoure will produce an average of 215,000oz per annum in its first five years, albeit the first year will be lower as it ramps up.

Given the unknowns with the ramp up, Perseus has only provided guidance for the first half of the current year, with Edikan in Ghana and Sissingue in Cote d'Ivoire expected to yield a combined 125,000-139,000oz at all-in site costs of $940-1025/oz.

Regarding the future, Perseus MD Jeff Quartermaine was keen to highlight the "excitement" around the future underground potential seen at Yaoure, including prospective structures identified near-mine/along strike from a 3D seismic survey. 

Shares in Perseus were unchanged at A$1.39 in early trade, capitalising the company at $1.6 billion.