9th Oct 2013 10:00
LONDON (Alliance News) - Avocet Mining PLC Wednesday said it has decreased its full-year production guidance for the Inata Gold Mine in Burkina Faso, as lower ore grades and a dearth of available equipment hit the company.
The gold mining and exploration company, working exclusively in West Africa, said it has reduced its full-year guidance for production at the Inata Gold Mine to between 125,000 and 130,000 ounces of gold, from 135,000 ounces.
The company said production of 30,987 ounces during its third quarter was below expectations, due to lower-than-planned grades and a fall in mill and mobile-fleet availability.
Avocet also said that the reduced production means that cash costs per ounce in the second half of 2013 are likely to be similar to those in the first half of the year.
The company said it will release its full operational and financial results for the third quarter on October 31.
Avocet shares were down 9.8% to 13.75 pence Wednesday.
By Tom McIvor; [email protected];
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