Perseus rides forex gains to recovery

16/02/2015 08:45 AST

The weaker Australian dollar helped Perseus Mining to a $41.2 million half-year profit, as the Ghana-focused gold miner drew a line under a tough few years for the company.

Perseus shares have risen almost 51 per cent this year and Perseus' half-year results - released to the Canadian market late on Friday - underscored its rapid recovery from a long-term low of 19.5� in late 2014 to last week's 38.5� close.

It booked an after-tax profit of $41.2 million, primarily because of a $39 million foreign exchange gain. It reported a $4 million loss in the second half of 2013.

Perseus sells gold mined at its Edikan mine in Ghana in US dollars, but reports in Australian currency. The currency gain masked a strong performance as Edikan had suffered a number of operational set backs until the second half of 2014.

Perseus said the mine booked operating cash flow of $11 million in the second half of the year, on production of 100,016oz gold, at an average all-in sustaining cash cost of $US988/oz.

While revenue rose 5 per cent to $142.2 million, a sustained cost-cutting program slashed spending by 13.5 per cent to $81.5 million. Perseus cut its global wages bill by more than 8 per cent.

Perseus said it expected to produce an update on its feasibility study into its Sissingue gold project in Cote d'Ivoire this quarter.

The company's half-year financial statements are to be released to the Australian Securities Exchange this morning.


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