CAPITAL MARKETS

Perseus' Sissingue operation drives profit result

Africa gold growth company Perseus Mining has reported a 61% increase in net profit after tax of A$49 million, with the Sissingue mine in Cote d'Ivoire the big contributor given 55,909 ounces were produced at all-in sustaining costs of US$643 per ounce.

Michael Quinn

Perseus’s third gold mine, Yaoure, where first gold was poured in December 2020, contributed a total of 2687oz to the half-yearly gold production (of 137,386oz), “although with net costs being capitalised until the declaration of commercial production, the mine’s activities did not contribute to the half-year earnings result”.

Perseus had cash and bullion of A$153.2 million at the end of December, with total interest bearing liabilities standing at $168.9 million.

In terms of strategy, Perseus said it would continue to look to the grow its business “through both organic means and by being positioned to take advantage of M&A opportunities that may present and offer attractive returns on our investment”.

Shares in Perseus were down 3.5% to $1.11, capitalising the company at $1.4 billion.

Perseus's third gold mine, Yaoure, where first gold was poured in December 2020, contributed a total of 2687oz to the half-yearly gold production (of 137,386oz), "although with net costs being capitalised until the declaration of commercial production, the mine's activities did not contribute to the half-year earnings result".

Perseus had cash and bullion of A$153.2 million at the end of December, with total interest bearing liabilities standing at $168.9 million.

In terms of strategy, Perseus said it would continue to look to the grow its business "through both organic means and by being positioned to take advantage of M&A opportunities that may present and offer attractive returns on our investment".

Shares in Perseus were down 3.5% to $1.11, capitalising the company at $1.4 billion.