Friday, March 24, 2017
Jeff Quartermaine

Jeff Quartermaine

Perseus Mining

OPTIMISM at Jeff Quartermaine’s Perseus Mining was high in the middle of 2016 after the company had completed the $85m all-scrip takeover of Amara Mining Group, a combination that would result in a 400,000 to 450,000 ounce a year gold producer by about 2019. This would be by dint of bringing Amara’s Yaoure project in Côte d’Ivoire into production as well as Sissingué, also in the West African country. An average 222,000 oz/year is already produced at its Edikan gold mine in Ghana. By December, however, things were looking slightly stickier. Sissingué’s development was pushed back four months owing to a re-estimation of the ore resource, a turn of events that precipitated a rejig of the firm’s $100m finance package with debt lowered to $60m of total from $80m previously. Edikan also hit grade and plant difficulties which will see six month production as much as 30,000 oz lower than forecast. December was one of those months for Quartermaine as the firm also settled a legacy problem of Amara by agreeing to pay a disaffected mining contractor $5m immediately and $15m once various seizure orders in Côte d’Ivoire were lifted. Quartermaine expects a definitive feasibility study on Yaoure will now be complete by mid-2017. Still, onwards and upwards: Perseus is forecasting 500,000 oz in gold by 2021.

LIFE OF JEFF

Jeff has an unusual mix of skills possessing qualifications in both engineering and accounting which he has been plying for some 25 years at various Toronto- and Australian-listed resource companies. Prior to the merger with Amara, he was CFO of Perseus from 2010 to 2013 whereafter he was appointed MD.

“We are very much a growth story.”