The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Tuesday, 28th April 2009 (1104 views)

Avocet Mining has announced that its gold production for the fourth quarter of the 2009 fiscal year was 27,374 ounces.

The company reported that cash costs stood at $624/oz (£425/oz), compared with $544/oz for the 26,766 ounces of gold produced in the previous three months.

However, the average realised gold price for the fourth quarter of FY2009 was $916/oz, up from $798/oz during the third quarter.

Avocet Mining witnessed a slight fall in gold production at its Penjom, Malaysia and North Lanut, Indonesia mines to 109,919 ounces over the full year.

Jonathan Henry, the company's chief executive, said: "Good progress has been made at both operations in the face of some significant challenges, with measurable improvements being seen at North Lanut and positive steps being made at Penjom."

Mr Henry added that the firm expects further operational improvements in 2010 to boost its margins and generate additional cash to fund development projects in south east Asia and west Africa.

Based in London, Avocet has two operating gold mines in Indonesia and Malaysia and aims to become a 'mid-tier' producer within the next five years.

 

« Back to Gold News stories