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Avocet Mining draws funds to meet corporate needs until end-October

Tue, 04th Aug 2015 11:39

(ShareCast News) - Avocet Mining said it has drawn down $2m in loans to meet its corporate requirements through to the end of October 2015. In a statement, the gold miner said the funding would allow it to continue its business review "while exploring longer term funding options".Shares in the London and Oslo-listed company fell 2.35% to 331p on the news.Avocet owns 90% of the Inata gold mine in the north of Burkina Faso, with the government holding the remaining 10%. It also has exploration interests in Guinea at the Tri-K project.The said it expects to submit to submit two further draw down requests of $200,000 each under one of its loan deals "as required over the coming months"."As part of the business review Avocet continues to consider options for maximising the value of its assets for the benefit of shareholders, including its Inata mine and the adjacent Souma deposit in Burkina Faso, and its Tri-K development project in Guinea," the company said.The Inata mine poured its first gold in December 2009 and produced 86,037 ounces of gold in 2014, compared with its expectations of about 95,000 ounces. Other assets in Burkina Faso include eight exploration permits surrounding Inata in the broader Bélahouro region. The most advanced of these projects is Souma, some 20 kilometres from Inata.A strike at Inata halted operations last December. The company, along with all bullion miners, was hit by a sharp drop in gold prices last year.
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6 Jan 2015 14:42

Sector movers: Risk aversion lifts gold and silver miners

An aversion to risk was benefitting gold and silver stocks on Tuesday in London as precious metal prices advanced amid macro concerns and equity-market volatility. A flight to safety was lifting the price of both gold and silver, with the former rising for the third consecutive day - its longest win

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12 Dec 2014 07:42

Avocet says Inata mine strike ends, may take weeks before restart

Dec 12 (Reuters) - Avocet Mining Plc said the labour strike at its Inata gold mine in Burkina Faso had ended and that it could take several weeks to assess its options to restart work at the site. The miner, hurt by low gold prices, had on Monday said that a labour strike commenced on Dec.

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8 Dec 2014 08:08

UPDATE 1-Avocet Mining halts Inata mine operations due to strike

(Adds details, background) Dec 8 (Reuters) - Gold miner Avocet Mining Plc said on Monday it had halted operations at its Inata gold mine in Burkina Faso due to a labour strike. The miner, which is struggling due to lower gold prices, said the strike commenced late on Dec. 4, following

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8 Dec 2014 07:42

Illegal strike forces Avocet Mining to halt Inata mine operations

Dec 8 (Reuters) - Gold miner Avocet Mining Plc said on Monday it had halted operations at its Inata gold mine in Burkina Faso due to an illegal strike. The miner, which is struggling due to lower gold prices, said the strike commenced on Dec. 4, following talks with workforce representative

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6 Nov 2014 10:58

Avocet Downgrades Full Year Gold Production On Weaker Third Quarter

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6 Nov 2014 07:18

Avocet Mining cuts full-year gold production forecast

Nov 6 (Reuters) - Avocet Mining Plc cut its full-year production forecast for the second time and said third-quarter gold output fell 30 percent as it processed low-grade ore at its Inata mine in Burkina Faso. Avocet said it expected to produce about 95,000 ounces of gold this year versus i

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6 Nov 2014 06:17

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5 Nov 2014 16:00

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5 Nov 2014 06:10

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4 Nov 2014 16:15

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4 Nov 2014 06:13

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3 Nov 2014 16:08

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31 Oct 2014 18:17

UPDATE 4-Army chief takes power after Burkina president bows to protests

* In statement, Compaore calls for election in 90 days * Protesters frustrated after military chief takes power * General vows "process of return to constitutional order" (Adds details) By Mathieu Bonkoungou and Joe Penney OUAGADOUGOU, Oct 31 (Reuters) - The head of Burk

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31 Oct 2014 16:18

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