West African focussed gold producer, Perseus Mining Limited, has released its Financial Report for the six months ending 31 December 2017.
Perseus’s first operation, the Edikan Gold Mine in Ghana, produced 108,008 ounces in the December 2017 Half Year, up 42% from 75,999 ounces in the corresponding period in 2016 giving total annual production in 2017 of 208,266 ounces. Production costs of US$1,007 per ounce for the December 2017 Half Year were 21% lower than costs in the corresponding period in 2016.
Perseus reported a net loss after tax of $11.5 million or 1.18 cents per share for the December 2017 Half Year, after bringing to account a foreign exchange loss and writing off capitalised exploration and development expenses. Earnings before interest, tax, depreciation and amortisation (“EBITDA”) increased significantly from the comparative period to $34.8 million (31 December 2016 loss: $15.7 million). EBITDA excluding foreign exchange movements, write offs or legal settlements was $45.8 million, up from 31 December 2016 loss of $0.8 million.
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