Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Gold miner Perseus Mining (ASX & TSX:PRU) reported Tuesday a maiden profit of A$52.4-million for the 12 months ended June, after the company reported its first half year of commercial production.
The West Africa-focused miner began commercial production at its Edikan Gold Mine in Ghana on January 1, 2012, and by the end of its fiscal year, the mine had produced a total of 137,298 ounces of gold. Revenue for the year of $144.687 million was earned from the sale of 98,769 ounces of gold at an average sale price during the period of US$1,508 per ounce.
“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 Sissingué in Côte 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 our shareholders,” said Perseus Managing Director Mark Calderwood in a statement.
Photo: Edikan mine, courtesy of Perseus.
