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Avesoro has positive outlook for year-end

Avesoro has positive outlook for year-end

Tue Nov 14 2017


TSX- and Aim-listed West African gold producer Avesoro Resources, which operates the New Liberty mine, in Liberia, produced 19 885 oz of gold in the third quarter ended September 30.


This was 26% higher quarter-on-quarter and 38% higher year-on-year, with the company on track to reach its guided output of 70 000 oz to 80 000 oz of gold for the full year.


However, the company faced some challenges during the quarter, including total material movement decreasing 15% to 3.2-million tons owing to the impact of heavy rain towards the end of the wet season that caused periods of in-pit flooding.


This also resulted in a 14% decrease in ore processed to 254 000 t.


Meanwhile, the miner reported adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $5.5-million in the third quarter, a fivefold increase on that of the second quarter, against capital expenditure of $9-million during the quarter.


"I am pleased with the continued improvement in performance at New Liberty, including strengthening revenues and a further improvement in Ebitda margin to give us our third consecutive quarter of positive Ebitda,” said CEO Serhan Umurhan.