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Perseus C$.69

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By Bobwins

Posted: Friday Aug 30 7:48:45AM 2013

Aussie operating in West Africa.  Significant producer with over 200K oz for fye 6/30/13.  All in cash costs of 1150.  Goal to reduce costs by 15% due to rising costs avging 1450 in 6/30 qtr.  35million in cash.  NO DEBT.  Has another project ready to build but holding off until confident it can finance project in Ivory Coast.  



PERTH, WESTERN AUSTRALIA--(Marketwired - Aug. 30, 2013) -


Perseus Mining Limited ("Perseus" or the "Company") (PRU.TO)(PRU.AX) is pleased to announce a net profit after tax of $41.4 million, or 9.0 cents per share, for the 12 months ended June 30 2013.


  • Profit for the year attributable to owners of the parent (i.e. excluding minority interests) of $38.4 million or 8.4 cents per share, representing a return on equity of 8.0% or a return on total funds employed of 7.2%.

  • Operating cash flow of $46.7 million for the 12 months, or 10.2 cents per share.

  • Total market value of cash, bullion and investments of $45.3 million at June 30 2013.

  • Net assets of $481.3 million and an excess of current assets over current liabilities of $34.2 million.

  • Company debt free following repayment in full of the renegotiated US$100 million revolving line of credit.

  • At the Company's initiative, the available commitment limit of the revolving credit facility has been reduced to nil post year-end generating cost savings of up to $2 million per annum.

  • Forward sales contracts for 170,000 ounces of gold at an average price of US$1,408/oz for delivery in quarterly instalments up to December 2015, representing 5% of the Company's Ore Reserves.

  • Gold production at the Company's Edikan Gold Mine in Ghana of 208,444 ounces at an all-in site cash cost (including production, royalties, development and sustaining capital) of US$1,150/oz. 

  • Implementation of Company-wide programme to reduce operating and capital costs including a 15% reduction in all directors' fees for the next financial year.

  • Decision to proceed with development at the Sissingue Gold Project in Cote d'Ivoire deferred until January 2014 as part of the company's capital conservation initiative.

Managing Director Jeff Quartermaine Comments

"Our financial performance in FY2013 was very solid, especially taking into account the recent volatility in gold price and technical challenges that needed to be overcome during the year at our flagship operation, the Edikan Gold Mine, in Ghana."

"Our focus for FY2014 will be on building on our FY2013 performance by improving operational efficiency as a means of maximising the cash margin at Edikan."

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