PERSEUS Mining brought the curtain down on a successful production year for 2019 in which it also made important advances in balance sheet management ahead of the 2020 commissioning of the $265m Yaouré project in Côte d’Ivoire.
Fourth quarter production – which is generated from its Edikan and Sissingué gold mines – came in at 64,125 ounces taking the full-year output number to 191,971 oz (gold sales of 200,933 oz). The production outlook for 2020 is 260,000 to 300,000 oz – a demonstration of the pivotal role to be played by Yaouré.
Jeff Quartermaine, MD of Perseus Mining, said previously that the mine was central to his ambition to make the company a 500,000 oz/year gold producer.
Cash and bullion increased $38.5m in the fourth quarter taking the cash and equivalents position as of June 30 to $119.3m. After taking bank debt down $13m to $31.5m, the net cash position as of end-June was $87.8m and increase in $51.5m in the quarter.
Perseus benefited from the exercise of warrants during the period and finalised a corporate debt facility totalling $150m which will also be used for Yaouré.
