Friday, March 23, 2018
Jeff Quartermaine

Jeff Quartermaine

Perseus Mining

JEFF Quartermain’s strategy at Perseus has been to de-risk the company’s single-asset profile – principally its Edikan mine in Ghana. He’s captured this aspiration by aiming for 500,000 oz/year in gold production – a target that is well on its way to fulfillment. Key in this was November’s investment approval for Yaoure. This is the Ivory Coast mine Perseus added to its stable following the 2016 buy-out of Amara Mining. Investors could have been forgiven for some discomfort when drilling results from Yaoure in May showed “more tightly constrained” mining conditions than previously estimated by Amara. That was a worry. But by the year-end, Quartermaine was confident the $263m needed to build Yaoure would be worth the time and effort. The project – which will deliver 215,000 oz/year from 2020 – would be funded from Edikan and Sissingué cash flow, the latter representing Perseus’s second mine due to produce from March this year. Output from Sissingué, also in Ivory Coast ticks another diversification box for Perseus, although production at 358,000 oz over its five-year life of mine is lower than previously estimated. Yaoure has potential to grow. That may well be needed because, despite Quartermaine’s advances, the production profile at Perseus trails off sharply in five years which will put the firm on a treadmill of constantly sourcing replacement ounces.


Jeff has an unusual mix of skills possessing qualifications in both engineering and accounting, which he has been applying 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 after which he was appointed MD.