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Perseus Mining Posts 6 Month Earnings

By: MT Newswires
Posted: 2/15/2013 9:00:00 AM
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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 Quartermaine:

"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 approximately US$1,100/oz."