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.
Perseus Mining (TSE:PRU), a West African gold explorer and miner, completed a Can$81.25 million equity offering.
The offering, 25 million ordinary shares at Can$3.25 each, was underwritten by a syndicate of underwriters co-led by Clarus Securities Inc., Dundee Securities Ltd. and CIBC World Markets Inc.
Funds will be used to develop the Sissingue gold deposit at the Tengréla Gold project, as well as for general corporate purposes.
The project, located in Ivory Coast on the border with Mali, has indicated resources of 0.9Moz and inferred resources totalling 0.3Moz.
Perseus Mining also runs the Edikan Gold Mine in Ghana.
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Gold has been a valuable and highly sought-after precious metal for coinage, jewelry, and other arts since long before the beginning of recorded history. Gold standards have been the most common basis for monetary policies throughout human history, being widely supplanted by fiat currency only in the late 20th century. Gold has also been frequently linked to a wide variety of symbolisms and ideologies.