More gold miner profiles

Friday 26 August 2016

From Credit Suisse come Perseus:

■ We forecast an FY16 net loss of $20mn. Quarterly reporting should lead our operating earnings to be close to those reported. Risks to our forecasts include non-recurring adjustments associated with the Amara acquisition and capital raising (we forecast $7mn per cash cost guidance) and any tax implications. Absent of tax guidance we apply a 14% effective tax rate to our 2H earnings consistent with 1H. Historical tax rates have been variable.

■ Cash pre-advised $151mn plus $15mn bullion. No debt but Sissingue US$60mn bank debt negotiations expected to be completed imminently. No div expected with cash conserved to fund Sissingue and Yaoure drilling.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.