JOHANNESBURG (miningweekly.com) – Dual-listed West African gold producer Avesoro Resources produced 14 906 oz during the quarter ended March 31.
The company, formerly Aureus Mining, achieved an operating cash cost of $1 051/oz at its New Liberty mine, in Liberia – a 46% quarter-on-quarter decrease.
CEO Serhan Umurhan highlighted that a primary focus for the quarter had been catching up on the waste stripping shortfall from the first half of 2016, as well as continuing to improve performance across the entire operation.
“It is pleasing to see that our optimisation work at New Liberty is beginning to translate into increased efficiencies and lower costs, and, despite the relatively low plant feed grade during the quarter, we achieved a positive earnings before interest, taxes, depreciation and amortisation (Ebitda) for the first time in New Liberty’s history,” he said.
Avesoro posted a $17-million improvement on the prior quarter adjusted Ebitda to $500 000, on the back of gold sales of 16 008 oz, which generated revenue of $19.7-million.