Sissingué Gold Mine (86% owned by Perseus)
Sissingué became Perseus’s second gold mine when it was developed ahead of time and on budget in January 2018. Sissingué is located in the north of Côte d’Ivoire, 787km north-west of Côte d’Ivoire’s commercial capital of Abidjan. High grade gold ore is sourced from one main open pit and several smaller satellite open pits and processed through a conventional 1.4 million tonnes per annum CIL processing facility. The mine produces between 70,000 and 100,000 ounces of gold per annum at a weighted average AISC of around US$760 per ounce.
Perseus is the major provider of formal employment in the local community which traditionally has supported subsistence farming and grazing activities. Around 90% of our employees are Ivorian nationals including 49% of whom that are drawn from the local villages.
Importantly, Sissingué has developed a very high level of community engagement through the construction and operation of the mine and as a major employer and provider of benefits to the host community, it currently enjoys strong levels of community support. Sissingué provides a high level of local employment, supports local enterprise (59% of the food supplies are sourced locally) and conducts skills-based training programs to provide transferable skills. Of the total revenue generated annually by Sissingué, 0.5% is paid into the Community Development Fund (CDF) which is managed by local people to deliver infrastructure and programmes determined as desirable by the community.
Since its inception, Sissingué has exceeded all expectations in terms of run time, throughput rates, recovery and gold production. The remaining mine life stands at approximately three years from 1 July 2020 however a range of exploration programs are being undertaken on tenements adjacent to mine infrastructure aimed at extending the mine plan well beyond current estimates.
Sissingué Key Points
- Economically attractive – US$746 per ounce all-in site cost and US$165M after tax cashflow at a gold price of US$1,250 per ounce
- Technically robust – simple processing circuit, selective mining, robust reserve and operating performance exceeding design parameters in a number of key areas
- Modest capital – major capital works completed, small incremental capital to develop satellite deposits
- Mineral Resources of 0.50 million ounces including 0.32 million ounces Ore Reserves
- Potential to extend mine life through exploration within trucking distance of Sissingué plant
- Delivering significant value to Perseus’s shareholders from strong cash flows