Inata workers placed on ‘technical unemployment’
JOHANNESBURG (miningweekly.com) – West Africa-focused Avocet Mining has placed most of its workers at its Inata gold mine, in Burkina Faso, on “technical unemployment” for the next three months, as the company seeks to lower fixed costs during production stoppages.
Production at the Inata mine continues to be affected by shortages of critical mine supplies, which Avocet could not fund, owing to the knock-on effects of the suspension of operations in October and November last year.
“Management has started discussions with the trade creditors, banks and government to stabilise Société des Mines de Bélahouro with a view to restructure its debts. This will represent a considerable challenge, with compromises needed from all stakeholders,” the mining company said in a statement on Wednesday.
Meanwhile, Avocet, which had its shares suspended on both the LSE and the Oslo Børs in May, after failing to meet a reporting deadline, also gave an update on its Tri-K transaction with Managem.
The company has received a Presidential decree formalising a mining convention for its Tri-K project, in Guinea, paving the way for a partial sale to Morocco-based Managem.
The publication of the decree will trigger 'first closing', at which point Avocet will transfer a 40% interest in Tri-K to Managem for $4-million. First closing is expected to happen shortly.
Tri-K has an exploration area of 490 km2 and an existing reserve of 480 000 oz of gold.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
