West African gold exploration and mining company Avocet revealed that gold production from the Inata Gold mine was ahead of year guidance at 166,744 ounces, compared to expectations of 160-165,000.
During the fourth quarter, the mine produced 46,102 ounces, compared to 33,256 ounces in the previous three months.
However the cost of mining the gold also rose as a result of a higher waste to gold ratio per ounce and higher maintenance costs.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In 2012, the mine is expected to produce around 160,000 ounces of gold. Based on the current gold price of $1,654 per ounce, cash costs are expected to be between $800 and $850 per ounce for 2012, the firm said.
The share price rose 3.78% to 219.75p by 13:25.
NR
-
Which UK region has the most in savings? Average savings by areaThe amount people have in their savings differs from region to region in the UK. How does your nest egg compare to those living nearby?
-
Doug and Mary Perkins: Specsavers’ clear-sighted foundersHelped by the deregulation of the sector in the 1980s and brilliant advertising, Mary Perkins and her husband Doug have taken Specsavers to the top of the optometry market
