Page 25 - gmj142-Jan-Mar2-mag-web

The Perth Mint
The Perth Mint
– Australasia’s
– Australasia’s
refiner of choice
refiner of choice
With operations fully guaranteed by the Government of Western
Australia, The Perth Mint has earned a reputation as the lowest risk
With operations fully guaranteed by the Government of Western
Australia, The Perth Mint has earned a reputation as the lowest risk
refinery in Australasia. That’s why we’re trusted with processing more
refinery in Australasia. That’s why we’re trusted wi
than 90 per cent of Australasia’s gold production.th processing more
than 90 per cent of Australasia’s gold production.
perthmint.com/refine
perthmint.com/refine
“
It is one of the best mining operations I have been associated with. It cost us
MINT0272A-FP A4 RefinerOfChoice.indd 1 Quartermaine on the Sissingue mine, Cote d’Ivoire: 11/3/20 4:00 pm
MINT0272A-FP A4 RefinerOfChoice.indd 1 months of first gold. 11/3/20 4:00 pm
$106 million to build and we were able to pay it back in its entirety inside 26

above water as costs at Edikan stubbornly refused to go down. The development of Yaoure will not only push Perseus beyond
In the December 2016 half-year, with costs at Edikan having its medium-term targets but potentially set it up for longer-term
blown to $US1,600/oz and contamination of drill holes at the performance. The Ivorian mine will produce 215,000 ozpa
recently acquired Sissingue mine resulting in 200,000oz being at forecast ASIC of $US734/oz over the first five years but
stripped out of the resource, the company’s share price fell Quartermaine is already touting the project’s wider potential.
40%. At that stage Perseus was far from Miner of the Year “This is a project which will underpin Perseus for many years to
material. come. The exploration potential is outstanding,” he said. “The
Four years on, the company is benefitting from a buoyant future is looking outstandingly good.”
gold price and renewed confidence in the West African
operating environment. Edikan produced 39,685oz at AISC of
$US1,240oz in the September quarter, while the high-grade
Sissingue mine in Cote d’Ivoire produced 29,087oz @ $US587/
oz AISC for group figures of 68,772oz @ $US964/oz.

Quartermaine on the Yaoure mine,
“ This is a project which will
Cote d’Ivoire:

underpin Perseus for many
years to come. The exploration
potential is outstanding. It is an
absolute credit to both teams [Perseus

and EPC contractor Lycopodium
Ltd] to do what we’ve done in an
Jeff Quartermaine
environment where COVID has
caused so many challenges.
The acquisitions of both Sissingue and Yaoure prove Perseus
is not averse to corporate deals. Earlier this year, the company
With Yaoure now in ramp-up mode, Quartermaine is confident the acquired Australian junior Exore Resources which boasted a
company can hit its main goal for coming years. 500,000oz resource close to the Sissingue plant. Quartermaine
“We have a specific objective of producing 500,000 ozpa at a cash said the company had several options for future growth.
margin of no less than $US400/oz and we are well and truly on the “Last quarter we generated $630/oz so there is a lot of cash to
path to doing that and with the third mine coming on stream,” he be generated which can be redeployed elsewhere.”
said. “Shortly, we’ll be producing at those sorts of rates.” Asked by GMJ sister publication Paydirt in November whether
Quartermaine put the company’s recent success in West Africa that meant more M&A, Quartermaine was coy.
down to the work it had put in on its social licence to operate and “You’re two months early in asking that question,” he said.
its investment in its people. “We’ve got a maximum of three months to organise ourselves
“We continue to upskill our people and without that we don’t have for the next push in business growth because the market will
very much at all,” he said. soon be asking: ‘Thanks for that but what is next?’”
He also pointed to ongoing optimisation at each operation. Whatever the next move is, it is certain Perseus will be doing it
“We also recognise that good enough is never enough, we strive with a new-found sense of confidence.
for incremental improvement every day,” Quartermaine said.

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