ASX-listed Perseus Mining said that it has received $17.6 million in VAT debt payments owed to the company by the Government of Ghana.

The company reports that it received an initial $6.7 million on 13June, 2014, as a partial payment and received two subsequent payments of $3.3 million and $17.6 million on 24 June and 8 July 2014, respectively.

Payment plan

Perseus Mining said in media release that it is continuing to work with the Government of Ghana to agree a repayment schedule for the balance of the outstanding debt.

Quartermaine said that the company also hopes to avoid the current situation where a large VAT receivable has accumulated and remained unpaid for an extended period.

“We look forward to reaching agreement on a plan for recovering the remainder of the outstanding VAT debt in the not too distant future,” said Perseus Mining MD, Jeff Quartermaine.

Strengthened balance sheet

At 30 June 2014, the company had available cash and bullion on hand valued at $48.7 million and the receipt of a further $5.8million on 8 July, 2014 further strengthens our cash position and balance sheet, stated Quartermaine.

The Edikan Gold Mine in Ghana is Perseus Mining’s lead operation  on the Ashanti gold belt in West Africa.