PRECIOUS METALS

Perseus buys time for next growth phase

TO borrow a common phrase from its managing director Jeff Quartermaine, the “proof of concept” for Perseus Mining Mark 1 is more or less validated. It’s taken 10 years to model a West Africa-focused, 500,000oz-a-year producer with the assets to sustain strong net cash generation and shareholder returns with gold prices above US$1,500/oz. A bigger exploration focus and possibly more M&A could start to shape Perseus M2 over the next 12 months.