Perseus Mining: Commercial production at Sissingue
Subiaco, WA / April 3, 2018 / JMN Wire / Perseus Mining Limited (ASX: PRU) is pleased to advise that:
- Ramp-up of operations at the Sissingué Gold Mine in Côte d’Ivoire has been completed ahead of schedule.
- Mill throughput rates, gold recovery rates, grade reconciliation, mining rates exceed the criteria established by Perseus to define ‘commercial production’ and the mine was cash flow positive at 31 March 2018.
- Perseus has designated 1 April 2018 as the first day of commercial production at Sissingué.
- All capital and operating costs incurred up to this date, net of revenue earned, will be capitalised for accounting purposes.
- The capital cost of the development of the Sissingué mine and infrastructure, excluding early works but including the cost of operations readiness initiatives, is forecast at US$106.7 million, in line with budget.
Perseus’s Managing Director and Chief Executive Officer, Mr Jeff Quartermaine, said:
“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.”
“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.”