Perseus Mining has announced its maiden profit, six months after beginning commercial production of gold from its Edikan operation in Ghana.
The Perth-based miner today announced a net profit of $52.5 million for the 12 months ended June 30, bouncing back from a $51.2 million loss the previous year.
Revenue from gold sales came in at $144 million, Perseus said.
Managing director Mark Calderwood said he was pleased to be able to announce a maiden profit just six months after first production from Edikan.
“It’s a huge advance on where we were 12 months ago and it has taken a lot of hard work on the part of many people to get to this point where we are now capable of generating significant earnings,” Mr Calderwood said.
“Over the next few years we are looking forward to building on what’s been achieved to date through expanding our Edikan operation and developing our second gold mine at Sissingue in Cote d’Ivoire, confirming our transition into a company that consistently performs both in terms of cost efficient gold production and generation of attractive returns for shareholders.”
At 11:30AM, WST, Perseus stocks were down 3.4 per cent, trading at $2.56.