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While annual production will reduce about 10% to an average of 222,000 ounces for the remaining 7.5-year Edikan project life, the deferring of the development of one of the previously planned mines at the project will reduce sustaining capital by $US31 million (42%), and make fiscal 2018 a “highly cash generative year”.
Perseus expects all-in sustaining costs to come in at $920 per ounce over the next five years, and $865/oz over the life-of-mine.
With Perseus’ recent acquisition of Amara Mining, the miner has a portfolio of projects elsewhere in West Africa, and has a stated aim of becoming a multi-mine, geo-politically diverse, mid-tier gold miner.
Shares in Perseus were up 6% to A50c in morning trade, capitalising the company at $263 million. The stock has doubled in price since early February.
