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Miner Avesoro Resources Reports Increase In Gold Output In 2018

Thu, 17th Jan 2019 13:43

LONDON (Alliance News) - Avesoro Resources Inc on Thursday reported an increase in its annual gold production and said it intends to focus on debt reduction in 2019.

The West African gold producer said its gold production in the final quarter totalled 44,962 ounces, taking 2018 output to 220,458 ounces, up 15% year-on-year.

"I am very pleased to announce that we have achieved our full year production guidance for 2018, which remained unchanged throughout the year," said Chief Executive Serhan Umurhan.

Avesoro produced gold from two mines, New Liberty mine in Liberia and Youga mine in Burkina Faso.

New Liberty gold production was 109,707 ounces in the 2018, up 44% from 76,179 ounces recorded in 2017, while gold output at Youga totalled 110,751 ounces in the year, down 4% from 115,894 ounces the year before.

At the New Liberty mine, process plant throughput in the final quarter increased by 2% to 362 kilotons, the company said, however, gold production reduced by 11% to 24,573 ounces on the previous quarter due to a decrease in plant feed grades.

Meanwhile, at Youga mine, mined grade and plant feed grades were adversely impacted during the quarter by unplanned ore dilution, Avesoro said. However, this was compensated for by an increase of 24% in plant throughput, with quarterly gold production up by 3% to 20,389 ounces.

"The focus for this coming year will be on the delivery of strong cash flow and further debt reduction following the substantial reinvestment of cash generated by operations that characterised 2018," added Umurhan.

Avesoro shares were trading 2.6% higher on Thursday at 166.75 pence each.

By Evelina Grecenko;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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