TSX- and Aim-listed Avesoro Resources produced 220 458 oz of gold at its New Liberty mine, in Liberia, and its Youga mine, in Burkina Faso, in 2018 – a 179% year-on-year increase.
This was achieved at a consolidated operating cash cost of $774/oz sold and an all-in sustaining cost (AISC) of $1 043/oz sold.
The company on Thursday reported a 189% year-on-year increase in revenue to R282-million, which was driven by higher gold sales of 220 998 oz and an average realised gold price of $1 275/oz.
Avesoro reported earnings before interest, taxes, depreciation and amortisation of $77.5-million – a year-on-year increase of 348%.
After year-end, the company said a prefeasibility study had been released for New Liberty, which resulted in a seven-year life-of-mine extension and a total forecast gold recovery of 1.26-million ounces.
Avesoro expects to produce between 210 000 oz and 230 000 oz of gold, at an operating cash cost of between $850/oz and $890/oz and an AISC of between $1 100/oz and $1 190/oz, this year.