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
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
