Perseus hits upper end of December half guidance after strong quarter

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Perseus Mining Ltd (ASX:PRU) achieved gold production of 69,155 ounces in the December quarter for 134,980 ounces in the half at an all-in sustaining cost (AISC) of US$942 per ounce.

The half-year production was at the top end of the guided production range of 120-140,000 ounces and costs also were comfortably within the guided cost range of US$850-1,000 per ounce.

Production for the half was 2.8% higher than the prior June half 2019.

Yaouré development project on schedule and budget

By 31 December 2019, US$165.5 million or 62% of the budgeted project cost of US$265 million had been committed for the development of Perseuss third gold mine, Yaouré in Côte d'Ivoire.

Of the US$165.5 million committed, US$99.3 million has been paid in cash to suppliers of goods and services.

As per the graph below, December 31 cash and bullion was at US$80.6 million after Yaouré capital expenditure during the quarter of US$72.4 million.

Offsite procurement and development works remain largely on schedule to achieve the stretch target of first gold pour in December 2020.

Busy March quarter ahead

A number of work programs are ongoing during Read More – Source