Perseus  prospers in West Africa
Workers at Perseus' Edikan operation in Ghana. Picture: Supplied

Perseus Mining has continued to prosper in the notoriously risky West African sector, passing the 12-month mark since the WA miner started production at its gold mine in Ghana.

The miner's latest production result showed gold production of 52,610 ounces for the September quarter, in line with the June quarter but 4 per cent under its forecast production range.

It blamed slightly lower grades while it faced mechanical problems with its primary crusher during the September quarter at its flagship Edikan mine in Ghana.

The miner is an ASX100 company - with its market capitalisation climbing above $1.83 billion in September last year although its stock price has fallen 31 per cent since then.

It said today that sales for the September quarter were 4.7 per cent down on the previous quarter, at 50,785 ounces, on a 2.7 per cent weaker gold price at $US1463 a fine ounce.

Offsetting the lower numbers were lower cash costs of $US475 an ounce, 30 per cent lower than the previous quarter and 17 per cent lower than guidance, which it attributed to an accounting adjustment.

Perseus has been in production since August 2011.

Since then other West African gold explorers have struggled to bring projects into production as global economic uncertainty and political unrest in Africa has made investors more risk averse.

Perseus has put its second potential mine, the Sissingue gold project in Ivory Coast bordering Ghana, on hold because of the possibility of the government introducing a profit-sharing arrangement.

In Ghana, the government increased the corporate tax rate this year from 25 per cent to 35 per cent and is proposing an additional 10 per cent windfall profits tax.

Perseus’ shares closed one cent lower at $2.76 today.

The West Australian

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