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COVER

Perseus takes flight

after resurrection

by Dominic Piper

From underperformer to consistent producer, improvements at
Edikan have allowed Perseus to turn its fortunes around

hen your company is valued at more than $1 billion developed and after an interesting start we are getting fairly
Weven before you’ve barely drilled a hole into the ground, good at it. We have turned ourselves into a consistent, reliable
it is difficult to exceed expectations but after a decade trying producer, producing month in, month out and generating
to meet those lofty heights, Perseus Mining Ltd may finally be returns for our shareholders.”
close to delivering. It is the kind of statement expected of the company when it
The 2020 GMJ Miner of the Year enjoyed a stellar year, with was the leading light of the West African junior gold club in the
group production of 257,639oz at a cash margin of $US485/ mid-2000s. While its peers were either acquired at attractive
oz and a 65% share price increase since March. To do all this premiums (Adamus, Papillon, Orbis) or tailed off and were
while battling the international and local restrictions imposed snapped up at bargain prices (Gryphon, Ampella), Perseus
to combat the global pandemic makes the achievement even found itself with little option but to build its Edikan project in
more remarkable. Ghana, achieving first gold in 2013.
Added to that, the company poured first gold at its third and The next three years were a constant battle to keep its head
newest mine, Yaoure in Cote d’Ivoire, before the end of the
calendar year.
It has been a remarkable transformation for a company which Quartermaine on the Edikan mine, Ghana:
spent its early years as a miner seemingly always on the brink.
Speaking to GMJ following the announcement of the Miner of Edikan was our first mine. It is
the Year title, Perseus managing director Jeff Quartermaine “
said the company had grown from uncertain beginnings as a a large-scale set of open pit
producer into a consistent performer. operations started in 2012 which has
“Our strategy is fairly simple; we invest in assets through organic produced 1.7 moz gold to date and we
or inorganic means, we look for geopolitical diversity and we
develop mines,” he said. “Yaoure is our third mine we have still have seven years ahead of us.

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