Perseus Mining has returned to profitability, bouncing back $13.7 million into the black for the six months to December 31.
Perth-based Perseus, which kicked off mining at its Edikan gold project in Ghana last month, posted a net loss of $42.4 million the previous corresponding half year.
Managing director Mark Calderwood said it was pleasing to have reported a profit, but noted revenue or operating costs incurred at Edikan had not been included in the results.
“During the six months to 31 December 2011, the Edikan gold mine achieved our planned operational targets and as a consequence we were able to declare commercial production with effect from January 1.
“This means that future announcements of financial results by Perseus will include disclosure of not only production statistics but also relevant information on costs and earnings from Edikan.
Mr Calderwood said the company was targeting production rates of between 135,000 and 145,000 ounces of gold over the second half, at an average cost of $US550 per ounce.
At 10:00AM WST Perseus stocks were up 1 per cent, at $2.75.
