Markets

Debt Repayment Leaves Perseus Debt Free, Provides Edikan Production Update; Jumped 4% Thursday

Perseus Mining Limited (PRU.TO), which jumped 4% Thursday, provided an update on activities at its Edikan Gold Mine (EGM) in Ghana. Also, on November 16, 2012, the Perseus Group repaid the outstanding balance of $54 million from its restructured project debt facility. The debt repayment resulted in the group being debt free and having an undrawn line of credit of $100M available for drawdown at the group's discretion. The group has available cash of A$43.46 million in addition to approximately 14,000 ounces of gold bullion held in metal accounts and at the refinery.

Perseus Managing Director, Mark Calderwood, said: "It is an excellent result for the company to be debt free within one year of declaring commercial production. Subject to approval of a development decision on the Sissingue project, the company will draw on the line of credit at some point next year for capital expenditure requirements."

"After a record month of gold production in October, we are working to resolve the problem with the crusher. The crusher manufacturer is actively assisting with the understanding of the abnormal issues over the past few months and a management plan moving forward."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos