Sissingué Gold Mine (86%)
Sissingué became Perseus’s second gold mine after it was developed ahead of time and on budget in January 2018. The SGM is located in the north of Côte d’Ivoire, 787km north-west of Abidjan. High grade gold ore is sourced from one main and several smaller open pits and processed through a conventional 1.4 million tonnes per annum CIL processing facility which produces between 70,000 and 90,000 ounces of gold per annum at a low average AISC of US$756 per ounce.
Perseus provides exposure to employment in the local community, not seen at this scale previously. Around 90% of our employees are Ivorian including 49% from the local communities.
Additionally, Sissingué has developed a very high level of community engagement through the construction and operation of the mine and enjoys strong levels of community support. The SGM supports a high level of local employment, supports local enterprise (59% of the food supplies are sourced locally) and has skills-based training programs. 0.5% of the revenue generated by the SGM is paid to the Community Development Fund (CDF).
The project has exceeded expectations on run time, recovery and gold production since operations commenced. Exploration programs are being undertaken aiming to extend the current, 4 year, mine plan.
SGM 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