Perseus Mining Limited has ramped-up operations at the Sissingué Gold Mine in Côte d’Ivoire ahead of schedule. The company has subsequently declared commercial production at the operation.
Mill throughput rates, gold recovery rates, grade reconciliation, mining rates exceed the criteria established by Perseus to define commercial production and the mine was cashflow positive at March 31, 2018.
Accordingly, Perseus designated April 1, 2018, as the first day of commercial production.
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 full 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.
Sissingué has transformed Perseus from a single mine, single country operation into a multi-mine, multi-jurisdictional business.
The company is now well positioned to achieve its goal of producing more than 500,000 ounces of gold per year from its three West African operations, namely Edikan, Sissingué and Yaouré.
Managing director and chief executive officer 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.”