Thursday, 03 January 2013 08:53
Gold producer Perseus Mining has downgraded its production forecast for the December 2012 quarter due to lower output and a longer than expected shutdown period.
The Africa-focused miner, which produces gold at its Edikan gold mine in Ghana, is aiming for full production of 400,000 ounces a year.
On Wednesday, Perseus said gold production at Edikan is now estimated to be 49,000 ounces for the December 2012 Quarter, down from a revised production guidance of 58,500 ounces announced in November.
Perseus said the production shortfall was mainly due to low crusher output, followed by a much longer than expected shutdown of eight days in December.
"The production shortfall was exacerbated by a shortage of crushed material during the crusher shutdown," the company said in a statement.
Perseus said it would provide a detailed update on the Edikan primary crusher and mill performance with the release of its quarterly operating results in mid-January.
In 2011/12, Persius posted a maiden full year net profit of $52.5 million amid strong gold prices.
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