31st Jan 2014 11:15
LONDON (Alliance News) - Avocet Mining PLC said its total full-year production decreased and cash costs increased in line with the company's guidance.
The west African gold mining and exploration company, which operates the Inata Gold Mine in Burkina Faso in west Africa, said its gold production for 2013 was 118,443 ounces at a cash cost of USD1,203 per ounce, compared from 135,189 ounces at a cash cost of USD1,000 per ounce from the Inata Gold Mine in 2012.
The company said its gold production for the fourth quarter ending 2013 was 25,730 ounces, down 17% on both the previous quarter and the same period in 2012.
Avocet also said its cash costs for the fourth quarter increased to USD1,209 per ounce from USD1,195 per ounce in the previous quarter and decreased from USD1,246 per ounce in the same period 2012.
The company said in December that its fourth quarter production was impacted by breakdowns in mobile and plant equipment with mining volumes being affected by mechanical availability of the loading equipment and pit wall failures.
Avocet said that all of these problems have now been addressed.
The company initiated a business review in December to maximise the value of its assets and the company is now investigating a number of operational changes including moving to contract mining.
Avocet Mining shares were down 4.2% to 8.00 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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