Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Avesoro Resources Inc       CA0515471070

News SummaryMost relevantAll newsSector newsTweets 

Avesoro Resources : Keeps Full Year Guidance As New Liberty Turnaround Continues

share with twitter share with LinkedIn share with facebook
share via e-mail
04/11/2017 | 12:50pm CEST

LONDON (Alliance News) - Avesoro Resources Inc on Tuesday said its flagship New Liberty gold mine in Liberia continued to experience an improvement in both mining and processing operations in the first three months of 2017 as management continue to turnaround its operations.

Avesoro, previously named Aureus Mining, said total gold production in the first three months of 2017 was 14,096 ounces, "aligned with expectations" and previous guidance, the company said.

Full year guidance of 90,000 ounces to 100,000 ounces remains intact, as does the cash cost guidance of USD750 to USD800 per ounce of gold produced, with an all-in sustaining cash cost of USD925 to USD975 per ounce.

For perspective, the miner produced 63,556 ounces of gold in 2016 and spot gold was trading at USD1,256.94 per ounce on Tuesday.

Further to the 76% increase in total material movement achieved between the third and final quarters of 2016, material movement continued to increase by an additional 28% during the latest three-month period to 4.3 million tonnes, of which 351,000 tonnes was ore and 3.9 million tonnes was waste rock.

"This represents an increase of 54% in ore production and 27% in waste movement respectively, and is a direct result of the operational efficiencies put into place by the management team since taking control of mining operations during the third quarter of 2016. In addition, the run of mine ore stockpile increased by 23,000 tonnes to 142,000 tonnes during the quarter and plant utilisation for March reached 95%," said Avesoro.

"The end of the quarter saw the installation and commissioning of the two new PSA Oxygen plants that will deliver additional oxygen to the process plant, which is expected to improve gold recovery levels and the efficiency of the detoxification circuit," Avesoro added.

The 14,906 ounces produced in the first quarter of 2017 can be compared to the fourth quarter of 2016, when production was 18,872 ounces and the third quarter of 2016, when production was 14,139 ounces.

The production data can also be compared to the first quarter of 2016, when post commercial production resulted in 8,053 ounces being produced over the three months period at a cash cost of USD1,034 per ounce and an all-in sustaining cash cost of USD1,153.

Avesoro said plant utilisation rates in the first quarter of 2017 was 92.3% versus 91.5% in the prior three months. Recovery levels in the quarter averaged 90% versus 87.6% in the previous three months and 89% in the first three months of 2016.

"I am pleased that we have continued to build upon the operational improvements delivered during the second half of 2016 throughout the first quarter of 2017. Although, as expected, gold production for the first quarter of 2017 is lower than that delivered across the final quarter of 2016, total material movement has continued to increase month on month and we are beginning to catch up on the waste shortfall from the first half of 2016," said Chief Executive Serhan Umurhan.

"The process plant is now operating in a consistent and stable manner and we remain confident of delivering our production guidance of 90,000 ounces to 100,000 ounces of gold for the year," he added.

Avesoro shares were up 3.6% on Tuesday at 2.43 pence.

Copyright 2017 Alliance News Limited. All Rights Reserved., source Alliance News

share with twitter share with LinkedIn share with facebook
share via e-mail
06/22 AVESORO RESOURCES INC. : - Results of Annual General Meeting of Shareholders
06/22 AVESORO RESOURCES : Results of annual general meeting of shareholders
05/25 AVESORO RESOURCES INC. : - Notice of Annual General Meeting and Mailing of Proxy..
05/25 AVESORO RESOURCES : Notice of annual general meeting and mailing of proxy materi..
05/16 AVESORO RESOURCES : Strategy update and publication of presentation
05/15 AVESORO RESOURCES INC. : - Strategy update and publication of presentation
05/15 AVESORO RESOURCES : Strategy update and publication of presentation
05/11 AVESORO RESOURCES INC. : - Results for the 3 Months Ended 31 March
05/11 AVESORO RESOURCES : Results for the 3 months ended 31 march
04/11 AVESORO RESOURCES INC. : - Q1 2017 Production Update
More news
Sector news : Gold Mining
06/16 NEWCREST MINING : SolGold boosts budget to explore for copper, gold all over Ecu..
06/15 FOSUN INTERNATIONAL : Polyus to sell up to nine percent of its shares in London,..
06/14 BARRICK GOLD : to hold talks with Tanzania over export row
06/12 TSX retreats as banks, tech stocks weigh
06/08 TSX gains as bank stock gains, Valeant jumps
More sector news : Gold Mining
News from SeekingAlpha
2016 RESOURCE SECTOR DIGEST : Broullete Edition
2016 RESOURCE SECTOR DIGEST : Pardon Our French!
2016 RESOURCE SECTOR DIGEST : Reviewing A Very Volatile Week On The Gold And Oil Mark..
2016 RESOURCE SECTOR DIGEST : The Yellow Fever Is Back
2016 RESOURCE SECTOR DIGEST : About Yellow Gold And Black Gold
Financials ($)
Sales 2017 120 M
EBIT 2017 -0,80 M
Net income 2017 -8,00 M
Debt 2017 -
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018
Capi. / Sales 2017 1,49x
Capi. / Sales 2018 1,10x
Capitalization 179 M
More Financials
Technical analysis trends AVESORO RESOURCES...
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus BUY
Number of Analysts 1
Average target price 0,04 $
Spread / Average Target 26%
Consensus details
Serhan Umurhan Chief Executive Officer & Director
Mehmet Nazif Günal Non-Executive Chairman
Geoff Eyre Chief Financial Officer & Director
David George Netherway Independent Non-Executive Director
Jean-Guy Martin Independent Non-Executive Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
More Results