25 May 2012

Production boost for Avocet

26/01/2012 Robert Tyerman

Avocet Mining (AVM) says gold production from Inata in Burkina Faso rose 21 per cent to 166,744 oz last year. The fully-listed company reports cash costs at Inata rose 30 per cent to $693 an ounce, still nearly $1,000 less than the current gold price.

Fourth quarter production showed a marginal fall year-on-year, from 46,208 oz to 46,102 oz, with costs up 51 per cent to $773 an ounce, though it was nearly 40 per cent ahead of the 33,256 oz produced in the third quarter of 2001, when costs were up at $830 an ounce.

Avocet, steered by chief executive officer Brett Richards, says it hopes to produce a somewhat lower 160,000 oz in 2012 from Inata, which holds an estimated 3.6 million oz of gold, with costs of between $800 and $850 an ounce.

Avocet, which recently received £122 million from selling its South-East Asian mining assets — despite ongoing legal action from its former Indonesian partner — recently increased the estimated gold resource at another West African deposit, the Tri-K block in Guinea, 52 per cent to 2.2 million oz.

Last highlighted by Growth Company Investor last month at 198p, the shares, which have traded between 286.75p and 177p over the past year, now change hands at 221.75p, up 9.25p today, valuing the company at £441 million.

They could well continue volatile, but stand to make progress in the longer term, if all goes well.

Tags: Brett Richards, Burkina Faso, Full list, Gold, Guinea, Indonesia

Sector: Mining

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