PERSEUS MINING – Edikan Gold Mine, Ghana: Nominee for the Operational Excellence, 2025 Africa Award

About the Nominee & their Nomination

• Company Overview

Perseus is an Australian-listed, Perth-based gold company with three operating mines in Ghana and Côte d’Ivoire, a fourth under development in Tanzania and a project in Sudan. The company has grown from an exploration junior in 2010 to a business with a market capitalisation of AUD$5.16 billion. Perseus’ first mine, the Edikan mine in Ghana faced early challenges but has since become one of the lowest-cost gold operations globally. Over the last four years, since the commissioning of its third mine, the Yaoure Gold Mine in Cote d’Ivoire, Perseus’s annual gold production has averaged 509,0000 ounces at a weighted average AISC of US$1,048 per ounce, making Perseus one of the lower cost gold producers of scale, globally. 

• Operating Context & Challenges

In 2013, Perseus was valued at AUD$100 million, and with limited in-house mining experience, investors doubted its survival. However, the company rebuilt trust through operational excellence and consistent delivery, transforming Edikan into the foundation of the company’s growth. Today, Perseus operates across multiple jurisdictions, deliberately diversifying to manage geopolitical risk. The company’s strategy is to “let results speak for themselves,” focusing on building mines during down cycles and delivering value as gold prices rise. 

• Production & Performance

Edikan produced 177,000 ounces of gold in the last financial year at an efficient cost of around US$1,100/oz. Originally expected to deliver 1.77 million ounces, the mine has already produced 2.5 million ounces and is expected to deliver 3.4 million ounces by 2030. Ongoing exploration success has extended the mine’s life by nearly 20 years, increasing the period of contribution to both government and community stakeholders. 

• Local Employment & Capacity Building

Perseus employs a 100% Ghanaian workforce at Edikan, with no expatriates. The company invests heavily in training and skills transfer, from technical roles through to vocational programs. Since 2017, 694 scholarships have been awarded to local students, including 176 in FY25. Alternative livelihood programs, such as piggery enterprises, provide sustainable income and reduce reliance on artisanal mining. Social initiatives also focus on women and youth, helping remove barriers to education and supporting long-term community resilience. 

• Stakeholder Engagement & Governance

Perseus engages in transparent but low-profile stakeholder relations, allowing results to speak for themselves to avoid overshadowing the government. It has delivered extensive infrastructure in host communities, including schools, clinics, water systems, housing, and community centres. Engagement is tailored to each country’s cultural and political context, ensuring inclusive and equitable partnerships with local people and authorities. 

• Outcomes & Impact

In FY25, Perseus contributed US$315 million to the economy of Ghana and US$506 million to the economy of  Côte d’Ivoire – a total of more than US$820 million, in the form of wages, local procurement, taxes, royalties and dividends. At Edikan, the host community has grown from 2,000–3,000 people in 2010 to around 60,000–70,000 people today, supported by Perseus-funded infrastructure and services.