By: Miningmx higher grade

JEFF Quartermaine will step down as MD of Perseus Mining on September 30 after more than a decade leading the African gold producer.

The veteran executive joined the Perth-based company as chief financial officer in 2010 before ascending to the chief executive role three years later. During his tenure, he orchestrated Perseus’ evolution from what the company described as a “struggling” operation into a multi-jurisdictional mining group, according to a report in the West Australian.

Perseus announced on Friday that former Newcrest chief operating officer Craig Jones would succeed Quartermaine. The incoming chief executive will receive a base salary of £830,000, though his total remuneration could exceed £2.5m annually if performance targets are achieved.

Chairman Rick Menell praised Quartermaine’s contribution, stating he had been “pivotal in turning Perseus into one of the most profitable gold producers globally”. The board expressed “sincere gratitude” for his leadership over the years.

Perseus, which recently joined the ASX100 with a market capitalisation of £3.4bn, operates three gold mines across West Africa. The company runs one facility in Ghana and two in Côte d’Ivoire, whilst constructing its fourth operation, Nyanzaga, in Tanzania.

The Tanzanian project, acquired through a £210m takeover of OreCorp last year, requires £640m in construction costs with first gold production anticipated in early 2027.

Quartermaine described serving as Perseus’ leader for twelve years as an “honour and privilege”, noting the company had overcome challenges including the global pandemic.

Perseus shares gained 0.6% to $3.29 following the announcement, having risen approximately 80% year. However, analysts at Euroz Harleys predicted the stock might decline on news of Quartermaine’s departure, whilst acknowledging he leaves the company “in a great position for further growth”.