Avocet Mining gold production falls seven per cent in Q4

The volume of gold produced in the fourth quarter of 2012 fell seven per cent at Avocet Mining while price per ounce rose 33 per cent, according to the group's fourth quarter production results issued on Friday morning.

The volume of gold produced in the fourth quarter of 2012 fell seven per cent at Avocet Mining while price per ounce rose 33 per cent, according to the group's fourth quarter production results issued on Friday morning.

Total gold production at the company, which has primary operations in Burkina Faso and Guinea, fell to 30,909 ounces in the fourth quarter compared to $937 per ounce in the third quarter of the year.

The total cash cost of the gold including royalties was $1,246 per ounce compared to $937 per ounce in the previous quarter.

Gold production from the group's Inata Gold Mine for the year was 135,189 ounces at a total cash cost including royalties of $1,000 per ounce, which it said was in line with revised guidance.

This compared with 166,744 ounces at a total cash cost of US$693 per ounce from the Inata Gold Mine for the year ended December 2011.

Cash costs rose in the fourth quarter due to consultant fees paid to Alexander Proudfoot, a full quarter of costs associated with the hired mining fleet and scheduled maintenance of Inata's own mining fleet.

The group stated that impact of such items was expected to be lower in future quarters. In addition, movements in gold in circuit, which reflected the timing of gold pours, added approximately $190 per ounce compared with the previous quarter.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Properties for sale for around £400,000
Houses for sale

Properties for sale for around £400,000

From a converted church in Banffshire with views towards the Cairngorms National Park, to a period property in the Georgian market town of Beverley, e…
2 Apr 2021