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Alliance News


Avesoro Resources Narrows 2018 Loss In "Transformational" Year

Thu, 14th Mar 2019 11:24


LONDON (Alliance News) - Avesoro Resources Inc on Thursday reported a narrowed loss for 2018 following a large rise in revenue on an equally sharp rise in gold production.

In 2018, Avesoro reported a pretax loss of GBP16.4 million, narrowed from GBP27.3 million.

The gold miner's revenue jumped to USD282.8 million compared to USD97.8 million in 2017.

Avesoro's exploration expenses increased tenfold in 2018 to USD13.0 million from USD3.0 million

The miner's gold production in 2018 more than tripled to 220,458 ounces from 79,024 ounces in 2017 with gold ounces sold jumping to 220,998 from 77,396.

The production growth comes after Avesoro purchased the Youga gold mine in Burkino Faso in late 2017. Youga contributed 110,751 ounces to production.

Avesoro's second gold mine, New Liberty in Liberia, saw a 44% rise in production to 109,707 ounces.

"2018 was a transformational year for Avesoro in which we achieved our 2018 annual production guidance of 220,458 ounces of gold and increased group gold production by 179% compared with the prior year. I am also pleased to see robust operational cash flows of USD73.1 million for the year," said Chair Serhan Umurhan.

Avesoro's all in sustaining costs decreased 26% to USD1,043 per ounce sold in 2018 with operating cash costs falling 15% to USD774 per ounce sold.

For 2019, Avesoro is guiding for gold production to be between 210,000 and 230,000 ounces at an operating cash cost of between USD850 and USD910 with all in sustaining costs between USD1,100 and USD1,190 per ounce sold.

Shares in Avesoro Resources were down 1.0% Thursday at 152.00 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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