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Avesoro Resources Quarterly Earnings Fall On Lower Gold Production

Wed, 15th May 2019 12:43

LONDON (Alliance News) - Avesoro Resources Inc on Wednesday reported a sharp year-on-year drop in first quarter earnings and revenue due to lower sales and gold production.

Earnings before interest, taxes, depreciation and amortisation for the three months to the end of March fell by 76% to USD9.5 million from USD40.2 million the year before, but doubled from USD4.7 million the previous quarter.

Revenue for the period fell by 34% year-on-year to USD59.9 million from USD91.4 million, but rose 4% quarter-on-quarter from USD57.7 million.

Operationally, gold production fell by 34% to 45,098 ounces from 68,088 ounces the prior year, but rose marginally from 44,962 ounces in the final quarter of 2018.

Gold sales dropped by 34% year-on-year to 45,810 ounces from 68,553 ounces, and also were down quarter-on-quarter from 46,186 ounces.

All-in sustaining costs rose by 26% to USD1,149 per ounce from USD914 the prior year, but decreased by 6% from USD1,226 the prior quarter.

"Although gold production was slightly behind our targeted levels for the quarter, we remain on track to achieve annual production and cost guidance for 2019, and I am pleased to report that both consolidated operating cash costs and all in sustaining cash costs were reduced during the quarter," said Chief Executive Serham Umurhan.

"We have now worked through the unplanned mining dilution at Youga and expect the mined grade to increase throughout Q2 2019. The focus going forward remains firmly on driving efficiencies and continued operational improvements to deliver on our recently released revised life of mine plans at our assets in Liberia and Burkina Faso," Umurhan added.

Shares in Avesoro Resources were down 2.8% at 103.03 pence each on Wednesday.

By Dayo Laniyan;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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