Latest news with #Perseus'
West Australian
01-08-2025
- Business
- West Australian
Perseus Mining stalwart Jeff Quartermaine resigns as chief executive after 12-year reign
The long-serving chief executive of Perseus Mining, who transformed the 'struggling' Subiaco outfit into an African gold mining powerhouse, is stepping down from the top job. Jeff Quartermaine will finish up as Perseus' boss on September 30. He originally joined the company as its chief financial officer in 2010 before taking up the reins in 2013. 'Since assuming this role, he has transformed Perseus from a struggling single-mine, single-country company to a multi-mine, multi-jurisdictional gold producer, developer and explorer that has consistently delivered on its promises,' Perseus stated on Friday. The board of Perseus, which has a $4.4 billion market capitalisation and recently joined the ASX100, handed the CEO baton to former Newcrest chief operating officer Craig Jones. Mr Jones will be paid a base annual salary of $1.06m but his total yearly pay could more than treble the base amount if he meets short and long-term bonus targets. 'On behalf of the board, I would like to express my most sincere gratitude to Jeff for his leadership and guidance over the years,' Perseus chairman Rick Menell said. 'Jeff has transformed Perseus and has been pivotal in turning it into one of the most profitable gold producers in the world . . . we cannot thank him enough for such a positive legacy. 'Craig brings a wealth of strategic, operational and technical expertise, a deep understanding of complex operating jurisdictions and stakeholder management and a clear commitment to sustainable practices.' Mr Quartermaine has agreed to remain a consultant to Perseus for an unspecified amount of time and will be paid on 'market terms'. Mr Quartermain said it was an 'honour and a privilege' to serve as Perseus' boss for 12 years. 'Along the way we have faced a myriad of challenges including events such as the global COVID pandemic, but we have emerged stronger than ever, and the company is now well positioned to continue our success,' he said. Perseus has three operating gold mines in West Africa — one in Ghana and two in the Côte d'Ivoire. It is building a fourth mine, Nyanzaga, in the East African country of Tanzania. Perseus took control of Nyanzaga after winning a $270 million takeover tussle for OreCorp last year. Construction is set to cost $820 million with first gold expected during the first quarter of 2027. Perseus shares were trading flat at 9.10am. It has gained 86 per cent since the start of 2024.
Yahoo
28-04-2025
- Business
- Yahoo
Perseus commits $523m to develop Nyanzaga Gold Project in Tanzania
African-focused gold company Perseus Mining has made a final investment decision (FID) to develop the Nyanzaga Gold Project (NGP) in Tanzania with an investment of approximately $523m (A$817.08m). The updated feasibility study for the NGP, which includes insights and recommendations derived from technical assessments conducted by Perseus' technical team, has led to the FID. Perseus holds an 80% contributing interest in the NGP alongside the Government of Tanzania, which holds a 20% non-contributing interest. The NGP will be a large-scale, open-pit mining operation with estimated total gold production of 2.01 million ounces (moz) over an 11-year phase one mine life. The average all-in site cost is projected to be $1,211/oz. The mine is slated to begin gold production in the first quarter of 2027 (Q1 2027). The development will be financed through interest-free loans from Perseus' existing cash reserves, which stood at $801m as of 31 March 2025. Perseus has invested around $27.5m so far to strengthen the project team and initiate early works. These efforts include site establishment, setting up temporary construction accommodations, conducting bulk earthworks, and executing the relocation action plan to build new homes for those affected by upcoming construction and operational activities. Perseus' investment in the NGP is underpinned by strong financial metrics, including an estimated pre-tax net present value (NPV 10%) of $404m and an internal rate of return of 26%. These figures are based on a long-term assumed gold price of $2,100/oz. The NGP's capital costs are estimated at $472m, inclusive of a $49m contingency, with an additional $51m in pre-production capital. Perseus has a track record of successfully developing and operating gold mines in Africa, including the Edikan, Sissingué and Yaouré mines. Perseus managing director and CEO Jeff Quartermaine said: 'Perseus is very excited by its decision to proceed with the development of the Nyanzaga Gold Project and is looking forward to working alongside the Government of Tanzania to deliver a world class mining operation. 'Acquired in May 2024 through the successful takeover of OreCorp Limited, the Nyanzaga Gold Project will be the first major gold mine development in Tanzania in 17 years and represents a major step forward in terms of enhancing Tanzania's reputation as a favourable destination for foreign investment.' In January, Perseus Mining took an FID on the development of the CMA underground project at the Yaoure Gold Mine in Côte d'Ivoire. "Perseus commits $523m to develop Nyanzaga Gold Project in Tanzania" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
