Lycopodium wins $38m Perseus contract

Subiaco-based Perseus Mining has awarded engineering company Lycopodium a $38.4 million contract to carry out work at its Sissingue gold project in Cote D’Ivoire, Africa.

In a brief statement today, Lycopodium said the contract was for the delivery of Sissingue, with all revenue generated from the contract expected to be reported in its FY17 accounts.

“This award sees the continuation of our association with Perseus, following the successful completion of the definitive feasibility study and front end engineering and design for the project,” Lycopodium said.

“Lycopodium is grateful for the confidence shown by Perseus in awarding the delivery of this important project and extends its thanks for the opportunity.”

Perseus recently completed a $102 million capital raising to fund development of Sissingue, making it one of the largest raisings undertaken by a Western Australia-based company for 2016.

Earlier this month, Lycopodium won a $68.5 million contract to build processing facilities at UK-based Toro Gold’s flagship Mako gold project in Senegal.

Perseus shares were 4.2 per cent lower to 52.2 cents each, while Lycopodium shares rose 6.1 per cent to $2.60 each, at 1:10pm.