PERSEUS Mining said commercial production at its second mine, Sissingué in Côte d’Ivoire, was a major step in establishing itself as a 500,000 ounce/year gold producer. Cash flow from the newly commissioned project would be put towards development of Yaouré, the group’s proposed third mine, also in Côte d’Ivoire.
Currently, Perseus mines at Edikan, a mine in Ghana, which would be a major contributor to full year guidance to end-June of some 250,000 to 280,000 oz. Half year production was set to come in at 140,000 to 160,000 oz. Commercial production at Sissingué has been set down at April. Capital expenditure of $106.7m had been incurred.
“Reaching commercial production at our Sissingué Gold Mine in Côte d’Ivoire is a very important milestone for Perseus as we now have a second, high quality cash flow stream that materially reduces our reliance on our Edikan Mine in Ghana for cash generation,” commented Jeff Quartermaine, MD and CEO of Perseus Mining.
“Cash flows from both operations will be deployed to partially fund the Yaouré Gold Mine, our third planned operation, the development of which is scheduled to start later this year, now that Sissingué is successfully up and running,” he added.
