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Perseus Mining Limited: African Gold – Producer, Developer and Explorer

With crucial developments in Ghana and Côte d’Ivoire, Perseus Mining Limited has developed its operations from a junior exploration company to a well-established multi-mine gold producer with a reputation for being a strong and diversified gold production, development, and exploration company. Now in 2023, Perseus is working across its vast array of mining sites and gold deposit exploration projects to generate material which benefits its stakeholders, whilst remaining as environmentally and socially responsible as possible. Ultimately, Perseus is positioning its entire business operation to continue to expand its gold production with integrity, teamwork, commitment, and achievement.  

Perseus has spent the last 9 years as a rapidly growing African-focused gold producer, developer, and explorer, producing 521,221 ounces (oz) of gold at an all-in-sustaining cost (AISC) of US$941 per ounce in 2022, and so is leading the way as a crucial gold company across the West of Africa. Under Perseus are three major operations in Côte d’Ivoire and Ghana, which the company has acquired over the years to expand their network. In Ghana, Perseus has 90% ownership of the Edikan Mine, which is a large-scale, low-grade, multi-open pit operation which is located on the Asankranwa Gold Belt. With the beginning of commercial production at the Edikan Mine in 2012, it has since produced more than 2 million ounces of gold and consequently established Perseus as a key producer of gold for the region. As of June 2022, the remaining reserves at the Edikan Mine totalled 1.34 million ounces, with an average grade of 1.31 grams per ton (g/t), making Perseus’ first mining operation a huge success. The gold from the Edikan Mine is sourced from several open pits and is processed through a centralized processing facility with the capacity to process up to 8 million tonnes of ore per annum.  

Sissingué Gold Mine was the second mine developed by Perseus and is situated in Côte d’Ivoire. The mine’s development was based on the early explorations done by the company in its junior exploration phase, and in 2018 the mine reached commercial production. The mine is a key success for Perseus, as it consistently exceeds internal targets and surpasses expectations for gold production, run time, recovery, and costs. Located near the border of Mali, the mine produces high-grade gold ore from its main open pit, and several smaller satellite open pits. With the development of its satellite deposits including Fimbiasso and Bagoé, Perseus has extended the life of the Sissingué Gold Mine to March 2026, with the potential for further extensions by processing low-grade stockpiles.  

The Sissingué Gold Mine plays a crucial role in the development of the local community it operates in as the mine is a major provider of formal employment in the local community with over 600 people employed through the mine. Furthermore, to ensure that they are giving back to the local community, Sissingué Mine donates 0.5% of the mine’s total annual revenue to the Community Development Fund (CDF) which is managed by a representative committee to deliver infrastructure and programs for the 12 communities nearest to the mine. Therefore, whilst Perseus is developing the gold industry across the West of Africa, they are ensuring that throughout every aspect of their mining, processing, development and exploring that they are giving back and supporting the communities in which they are operating.  

Perseus also have a 90% ownership stake in the Yaouré Gold Mine in central Côte d’Ivoire which was Perseus’ third gold operation in western Africa. Commercial production of the mine began in 2021, with an expected yearly output of 200,00 ounces of gold per year for the first 5 years of its mine life. The gold produced at the mine has an average AISC of roughly US$745, and Perseus has identified several highly encouraging nearby ore exploration targets. Much like the Sissingué Gold Mine, the Yaouré Gold Mine donates 0.5% of its annual revenue towards a CDF to fund a range of community-determined, infrastructure and livelihood development projects. 

Finally, Perseus has a 70% interest in Meyas Sand Gold Project (MSGP), which covers 2 main gold deposits close to Sudan’s northern border near Egypt. The government of Sudan hold a 20% stake in the project, with Meyas Nub, a local Sudanese enterprise, holding the remaining 10% stake. The development in Sudan comes as it is one of the largest producers of gold in Africa. However, at present the gold industry in the country is driven largely by unregulated, artisanal mining. Furthermore, the country is still largely unexplored for gold using modern exploration techniques, therefore it makes a crucial site of development and exploration for Perseus.  

However, following the outbreak of conflict in Sudan earlier this year, Perseus withdrew most of its employees from the MSGP site pending the resolution of the conflict. Protected by the Sudanese Mining Police, Perseus announced in June that key employees and contractors would be able to safely return to the site as the conflict had not taken place close to the project. Perseus commented in their press release that the safety of their employees and contractors is the main priority, will continue to monitor the situation and is ready to react should the situation change.  

Overall, Perseus Mining Limited is a company that has developed over the years to expand its operations from exploration to development to processing. It continues to expand its influence not just over Africa’s gold industry, but its impact and development of the local communities in which they operate. As a vital gold company across the west of Africa, it is focused on maintaining a high level of gold production by extending the life of existing assets, whilst tirelessly working to discover or acquire new material reserves and assets. Therefore, Perseus has perfectly positioned itself to sustain gold production across West Africa, and vitally develop the economies of Ghana, Côte d’Ivoire, and Sudan. However, Perseus would not be where it is without its workforce, many of which are from the local areas around its mines, and so their safety, support and championing remain a priority throughout the company’s operations.