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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021