Avocet Mining sees half-year figures hit by exceptional charge
11 November 2009
Avocet Mining, the gold producer with operations in South East Asia and West Africa, saw its pre-tax profits hit by some hefty impairment charges in the half year to September.
Pre-tax losses came in at US$4.5 million, down from a profit of US$30.9 million in the same period last year, as the company was hit by an US$8.0 million charge on its Penjom mine.
The figures masked a rise in production to 56,297 ounces, up from 55,778 ounces. Further improvements are due on the back of the acquisition of Wega Mining, which should eventually take annual production beyond 200,000 ounces.
Jonathan Henry, the company’s chief executive, said: “Avocet is making progress in its strategy of becoming a mid-tier gold producer, with our assets in South East Asia continuing to deliver strong operating cash flow. Following the commencement and ramp up of production at Inata in Burkina Faso, Avocet is set to become the largest gold producer listed on AIM, producing in excess of 200,000 ounces per annum.”
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