Inanta ramp-up going well for Avocet

Date: Friday 29 Jan 2010

Gold miner Avocet Mining produced 25,877 ounces of the yellow stuff in the final quarter of 2009. That brought production for the first nine months of the company’s financial year up to 82,174 ounces, little changed from the 82,544 ounces seen in the corresponding period of 2008.

The average price per ounce realised over the October to December period was $1,103, compared to $995 per ounce over the April to December period, but the average cash cost of digging out the precious metal was also higher, at $766, versus $650 per ounce in the nine months to 31 December and $595 per ounce in the July to September quarter.

The company saw the first gold pour at its Inata mine on 20 December. Production at the mine totalled around 3,200 ounces in January; the company hopes to ramp this up to more than 10,000 ounces per month by July 2010.

‘The Inata ramp up is progressing well and we remain focused on reaching design capacity in a timely and sustainable manner. The last quarter was challenging for Penjom and North Lanut but both continued to generate cash margins in excess of US$300/oz, helping to underpin commissioning costs of our new mine in West Africa and further work on our exploration and development portfolio in both regions,’ said Jonathan Henry, chief executive of Avocet.

« Go back to news channel

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE