Perseus Mining Limited (PRU.TO) announced a net profit after tax
of A$32.5 million or 6.16 cents per share for the six-month period
ended 31 December 2012, representing a return on funds employed of
7.6%. A year earlier net profit after tax was A$13.7 million or
3.14 cents per share.
Comments from Perseus's Managing Director, Jeff
"The results that we have reported today reflect a challenging
six-month period at our Edikan Gold Mine in Ghana during which we
dealt with a number of unexpected operational issues as well as a
significant drop in the AUD:USD exchange rate that gave rise to an
unbudgeted foreign exchange loss. On the other side of the ledger
we have continued to enjoy historically strong gold prices which
have helped to boost our earnings.
"The production challenges that reduced first half gold
production below expectations will be put behind us shortly with
the remediation of the crusher at Edikan and we are looking forward
to an improvement in both our production and earnings in the second
half of this financial year.
"Taking into account the recent challenges, we are now
forecasting that gold production for the second half of the fiscal
year ending 30 June 2013 will be in the range of 105,000 ounces to
125,000 ounces resulting in full financial year gold production in
the range of 208,700 to 228,700 ounces at a forecast "all up" site
cash cost, including production and capital costs and royalties, of
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