2nd Jan 2014 10:05
LONDON (Alliance News) - Avocet Mining PLC Thursday said it has missed the deadline to repay a USD15.8 million loan - which includes interest - to an affiliate of its largest shareholder, Elliot Associates.
The company, which in December told the market it had initiated a business review, said it Thursday paid USD800,000 in interest on the loan and remains in discussions with its lender about the repayment of the remaining USD15 million.
The loan's maturity date had originally been set for December 31, 2013.
On December 20, the same day the company announced the review of its business, Avocet said it was expecting lower production levels at the Inata gold mine it operates in Burkina Faso. Avocet owns 90% of the equity in the mine.
Avocet Mining shares were Thursday quoted at 9.00 pence, down 0.53 pence, or 5.6%.
By Samuel Agini; [email protected]; @samuelagini
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