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6th June 2017 - "The Company has requested the restoration of trading of its shares, which it expects shortly." The full 2016 accounts are available on AVM's website.
Avocet has released its 2016 Accounts. They are available on their website. The whole document is a whopping 107 pages long and repetitive towards the end. Now they should be able to apply for relisting and trading. I'm surprised this is not shown on this sight as news. The conclusion is that Avocet's survival depends on negotiations for debt repayment terms and the price of gold. My gods are powerless to help.
Avocet has released its 2016 Accounts. They are available on their website. The whole document is a whopping 107 pages long and repetitive towards the end. Now they should be able to apply for relisting and trading. I'm surprised this is not shown on this sight as news. The conclusion is that Avocet's survival depends on negotiations for debt repayment terms and the price of gold. My gods are powerless to help.
Avocet Mining PLC, (‘Avocet’ or ‘the Company’) is pleased to announce today that its subsidiary Société des Mines de Bélahouro SA (‘SMB’) that operates the Inata gold mine in Burkina Faso, has entered into a standstill agreement with its major trade and financial creditors — a key milestone in SMB’s balance sheet restructuring process. As announced earlier, SMB is in discussions with trade creditors, banks and government to stabilize SMB and with a view to restructure its balance sheet. In this process a key step has now been achieved: SMB, its major trade and financial creditors — together representing approximately seventy per cent of SMB’s debt — have agreed the terms of a standstill agreement for the duration of two months as strategic options are being explored in connection with a financial, debt and corporate restructuring of the SMB. Pursuant to this agreement, SMB’s major trade creditors and its bank shall refrain from exercising their rights and remedies, and taking any legal action to protect and preserve such rights and remedies, in relation to their outstanding debts. In turn, SMB agreed to a payment scheme for deliveries of services and goods during the standstill period that provides for payments thereof in sync with the receipt of the gold proceeds by SMB, once the mine has resumed its full operation. The standstill agreement is part of a complex process. As SMB moves on with the implementation of the agreement, it will have to ensure the support of all stakeholders. All of them (including creditors, government, key operational stakeholders and employees) will need to contribute to achieve a consensual restructuring solution. The backing of SMB’s major trade creditors and its bank is greatly appreciated and gives the process momentum.
22 May 2017 First Closing of the Tri-K project completed Avocet received the decree signed by the Guinean President ratifying the Mining Convention for the Tri-K project earlier this month. Following this, the so-called ‘First Closing’ was completed today and the Company has received from Managem USD 4 million for 40 per cent of its interest in the project.
The gold price tested the 1200 level which was to be expected. It is rising again now.
Interesting interview with David Cather, 'Opportunity for suffering Avocet Mining shareholders to finally see benefits, says CEO David Cather.' It would be encouraging to hear what progress is being made to re-open Inata mine. YouTube Published on 10 Nov 2016 - Not sure when this was filmed.
Visit the Avocet Mining web site and you will see that UBS bought 21,842,192 shares in November, direct. This may be how the money to pay the sacked staff will be raised. If so, things should get back to normal.
Hi R999EEL Gold is falling despite great expectations of a price surge following a Trump victory. The stock market is doing well but gold is falling. The USA is in a state of shock at present; let's hope they don't take it out on Russia. Gold will rise but these things often take longer than we would like. My hope is that Avocet will reopen the mine; the deal on Tri-K development will go through, and Trump will turn out to be the best thing to happen to America since throwing out he Red-Coats. C'est la vie
Well Trump has trumped and gold is climbing and is likely to continue when the US market opens. The court ruling was in favour of Avocet Mining and if all goes to plan the mine will soon open. I expect this share to then move back above 100 and climb higher.
$1300 is a very important level for gold as many people put sell orders at 1298. It may take several attempts to breach this barrier. Pullbacks to 1275 even 1285 will encourage buyers and create a platform to build on. With so much uncertainty financial and political turmoil around the world it seem very likely that gold is headed higher. If Avocet reopens we could be in for a treat. Patience is a virtue.
Yes, I get that Bitybit. Being able to reduce debt should take some of the pressure off Avocet. They are working on a report on how long the existing mine will last. So lets hope the gold price holds up.
Yes str123 - Thanks for posting that good news. Shareholders will be encouraged by the progress. If news is released on funding for the Tri-K Mining Permit, and work can start there, we should see a significant rise in the share price. When this share was falling people posted many negative comments and called the directors names. Now it has turned around it has all gone quiet. How about some positive comments now that things have improved?
We don't have to wait for Christmas - Avocet Mining H1 2016 Interim Results will be released on 26 August 2016.
Sorry for the typos: If this holds they may be able to consider opening their other licensed mine.
str123 I agree with your comment. The percentage rise in profit margins is now much higher, thanks to the rise in gold prices. It this holds they may be able to consider opening there other licensed mine. Quote: We currently operate one gold mine, Inata, in Burkina Faso, and have a pipeline of exploration projects in Burkina Faso and Guinea. Avocet's exploration licences at Bélahouro in Burkina Faso cover approximately 1,660 km2. Our other main project is Tri-K in Guinea, which is currently in the feasibility study stage. All of Avocet's exploration mining licences are located within the highly prospective Birimian greenstone belt that dominates West Africa's geological landscape.
Some sales went through earlier @ Sell 460 Ask 498. These rises are encouraging.
Well up is better than down. I haven't written off this company yet. If gold can hold its gains there may yet be time for Avocet to get their new mine going. It comes down to whether they can hold out long enough. I will get all my gods on the case.
Total gold production for the quarter was 19,503 ounces at a cash cost of US$1,052 per ounce, compared with 21,736 ounces produced in the third quarter at a cash cost of US$1,183 per ounce · Inata production in the quarter was affected by a strike that commenced on 4 December 2014, with full plant throughput levels only restored in late January 2015 · Full year gold production for 2014 was 86,037 ounces, lower than guidance of approximately 95,000 ounces primarily as a result of a strike in early December. It's worth reading the whole AVM Live RNS report above.
Third quarter results as expected. They have laid the groundwork for a reasonable 2015. Lets hope the media gold pundits are wrong again and the gold price picks up next year.