20th Nov 2013 08:50
LONDON (Alliance News) - Amara Mining PLC Wednesday said its pretax loss narrowed in its third quarter as the company successfully integrated its Kalsaka and Sega projects, ramping up production.
The Africa-based gold mining company, with operations in Burkina Faso, Ivory Coast and Sierra Leone, said pretax losses almost halved to USD7.3 million for the three months ended September 30 from USD13.5 million in the previous quarter.
The company said its sales more than doubled compared to the previous quarter to USD17.1 million from USD8.1 million as the company successfully ramped up its production at the Kalsaka and Sega Gold sites in Burkina Faso.
Additionally, the company expects completion of its partnership with long-term strategic investor RDV Corp. around November 26, which will bolster Amara through a share purchase agreement with Amlib Holdings PLC.
Amara Mining said its production is expected to strengthen significantly in 2014 with the integration of ore from its Sega project and the company expects its full year 2013 production from Kalsaka to reach roughly 40,000 ounces. after third quarter production from the site of 8,008 ounces.
The company also said it expects to provide an update on its optimisation programme for its Baomahun Gold Project in Sierra Leone in January 2014 and should provide a mineral resource update for the Yaoure site in Ivory Coast in the fourth quarter 2013, with a preliminary economic assessment for the site to be completed in the first quarter 2014.
Amara Mining shares were down 4.6% at 13.12 pence early Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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