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Updated plan for Perseus' Sissingue gold mine pegs CapEx at US$107M

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Updated plan for Perseus' Sissingue gold mine pegs CapEx at US$107M

An updated mine plan for Perseus Mining Ltd.'s Sissingue gold mine in Ivory Coast pegged total construction CapEx of US$107 million, an after-tax internal rate of return of about 28% with payback in 39 months, the company said March 31.

Under the plan, the project will produce 358,000 ounces of gold over a five-year mine life at all-in site costs of about US$628 per ounce.

Assuming a flat spot gold price of US$1,200 per ounce and existing hedges for 67,000 ounces of gold at US$1,301 per ounce, the project is estimated to generate after-tax cash flow of about US$104 million.

First production is expected to start in the March quarter of 2018.

The updated mine plan follows a re-estimation of the mineral resources and ore reserves for the Sissingue mineral deposit and for the nearby Bélé East and Bélé West mineral deposits.

The combined proved and probable ore reserves for three deposits total 5.9 million tonnes of ore grading 2.1 g/t of gold for 400,000 ounces of contained gold.

Earlier in the month, Perseus signed a deal to secure US$60 million of debt financing from Macquarie Bank for Sissingue.