Amara Mining: Cash and liquid assets rise 10 per cent year-on-year

West Africa-focused gold mining company Amara Mining saw its cash and liquid assets rise by 10 per cent year-on-year, according to an update published by the AIM-listed company on Tuesday morning.

West Africa-focused gold mining company Amara Mining saw its cash and liquid assets rise by 10 per cent year-on-year, according to an update published by the AIM-listed company on Tuesday morning.

The company stated that it had had "robust operational results" in 2012 with the production of 53,544 ounces of gold at Kalsaka despite what it described as "challenging conditions". Total group production for 2012 was 54,925 ounces of gold.

Cash and liquid assets stood at $36.2m at the year end. This compared to a year earlier, when the cash and liquid assets stood at $32.9m, 10% less.

The company further announced that trucking of material at its neighbouring Sega Gold Project were expected to commence in mid-2013.

Peter Spivey, Chief Executive Officer of Amara, said: "We look ahead to uninterrupted production in 2013 as the Sega project comes online. With a resource update expected for Yaoure in in the first quarter and the feasibility study for Baomahun anticipated later in the first half, we will move closer to our goal of becoming a mid-tier producer."

MF

Recommended

Share tips of the week – 28 January
Share tips

Share tips of the week – 28 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
28 Jan 2022
Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Amazon halts plans to ban UK Visa credit card payments
Personal finance

Amazon halts plans to ban UK Visa credit card payments

Amazon has said that it is to shelve its proposed ban on UK customers making payments with Visa credit cards.
17 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022