Perseus returns some cash to owners and gets set to launch buy-back

Gold miner has gone well in Africa over past few years, with strong tailwind helping

Jeff Quartermaine believes the owners of Perseus Mining will be satisfied with the decision to pay a final dividend of A3.75c and launch a $100 million on-market share buy-back over the next 12 months.Perseus ended the financial year with nearly $1 billion in cash, with managing director Quartermaine suggesting the strong balance sheet put the miner in a position to deal with any sudden change in external circumstances and gave it the ability to pursue future growth options.

75c per share dividend , takes full year dividends to 5c.It also means $168 million has been returned to shareholders over the past three years.Perseus' share price has risen circa 65% over that same period.A significant tailwind over the three years has been a gold price rising nearly 50%, though on the other side of the equation, costs have also risen.Perseus' net cash and bullion three years ago was US$56 million compared with $587 million at June 30.

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