Edikan Gold Mine

Ghana

Edikan Gold Mine (90%)

The Edikan Gold Mine (EGM) is a large-scale, low-grade open-pit operation located on the prolific Ashanti Gold Belt, Ghana, which has a gold endowment of more than 170 million ounces.

Perseus produced first gold at EGM in 2011, and the mine has since produced more than 1.4 million ounces of gold.

Remaining Reserves total 1.61 million ounces of gold at a grade of 1.10g/t Au.

 

Edikan was Perseus’s first mining operation which commenced commercial production in January 2012. The EGM is located in south western Ghana within the Ashanti Gold Belt. Gold ore is sourced from several open-pit mines and processed through a centralised 6.5 million tonnes per annum processing facility. From 1 July 2020, gold production will average 212,000 ounces per annum, including average gold production of approximately 231,000 ounces per annum over the next four years, with AISC in the range of US$870-US$890 per ounce over the remaining life of mine.

Perseus plans to build an underground gold mine at Esuajah South and it will extend the AG open pit, which will increase Perseus’s gold production capacity. Exploration and mining studies at Esuajah Gap are ongoing and have potential to further extend mine plan, estimated to have more than six years remaining from 1 July 2020. 

At Edikan, 98.5% of our employees are Ghanaian including 41% from the local communities, reflecting the deep knowledge and skill base within Ghana.

Strong community relations are managed through regular communication, various committees and involvement in many community projects and activities. Perseus established the Edikan Trust which also funds community-initiated projects.

In 2019, Perseus signed an option agreement with local Ghanaian company, Adio-Mabas Ghana Ltd, to acquire the 23.85sq km Agyakusu Prospecting License, PL 2/177, that adjoins Perseus’s Edikan mining leases, and is located between 2km and 8km from the Edikan processing facility. Exploration success at Agyakusu could potentially extend Edikan’s mine life.

Edikan Key Points

  • Economically attractive – US$950 per ounce all-in site cost and US$264M after tax cashflow at a gold price of US$1,250 per ounce
  • Technically robust – operating and processing costs and parameters known, resource/mill reconciliation performance well understood
  • Minimal incremental capital – all major capital works complete only incremental TSF lifts remaining
  • Mineral Resources of 3.0 million ounces including 1.61 million ounces of Ore Reserves with a grade of 1.10g/t Au
  • Potential to extend current six-year mine plan through near mine exploration and inclusion of known Resources and Reserves into the mine plan
  • Delivering significant value to Perseus’s shareholders from strong ongoing cash flows
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