6th Nov 2014 10:58
LONDON (Alliance News) - Avocet Mining PLC Thursday said its total gold production in the third quarter outpaced the second quarter at a lower cash cost, but said the overall figures were lower than expected, resulting in it downgrading its full year production guidance.
Avocet said total gold production in the quarter to the end of September was 21,736 ounces at a cash cost of USD1,183 per ounce. That compares to 21,650 ounces produced in the second quarter at USD1,317 per ounce.
The group said its production in the third quarter was impacted by lower than expected mill feed grades, owing to a proportion of low grade oxide ore processed in early September.
Due to the lower than expected production in the third quarter, the company has cut its full year production guidance to around 95,000 tonnes with a cash cost of approximately USD1,200 per ounce. The downgrade comes on the back of a prior cut to its full year guidance at the end of the second quarter to 105,000 ounces.
Avocet shares were down 0.2% to 4.99 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
AVM.L