Perseus posts $32.5m first-half profit

Perseus Mining has posted a first half profit of $32.5 million after ramping up production at its Edikan gold mine in Ghana.

The final result included an $8.1 million foreign exchange loss and a 782,000 impairment charge.

It was achieved on revenue of $147 million from the sale of 98,865 ounces of gold at an average sale price of $US1520 per ounce.

Managing director Jeff Quartermaine said the result reflected a challenging six-month period at Edikan, during which the company dealt with a number of unexpected operational issues as well as a significant drop in the AUD:USD exchange rate.

"On the other side of the ledger we have continued to enjoy historically strong gold prices which have helped to boost our earnings," he said.

"The production challenges that reduced first half gold production below expectations will be put behind us shortly with the remediation of the crusher at Edikan and we are looking forward to an improvement in both our production and earnings in the second half of this financial year."

Mr Quartermaine forecast second half gold production of 105,000-125,000 ounces, resulting in full financial year gold production in a range of 208,700-228,700 ounces.

All-up costs including production, capital costs and royalties was estimated at about $US1100 an ounce.

Perseus shares were up two cents, or 1.11 per cent, to $1.815 at 12.05pm.

The West Australian

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