JOHANNESBURG (miningweekly.com) – Avesoro Resources’ record gold production of 68 088 oz for the quarter ended March 31, contributed to record quarterly gold sales of 68 553 oz at an average realised gold price of $1 333/oz.
This resulted in a 174% quarter-on-quarter increase in Avesoro’s revenue to $91.4-million.
Avesoro further reported operating cash costs of $624/oz sold, which is a 24% quarter-on-quarter improvement.
The company achieved a 33% improvement in its earnings before interest, taxes, depreciation and amortisation margin to 44%.
“On the back of the significantly increased cash flow from our assets, the company has strengthened its balance sheet during the quarter, and reduced net debt by $17.5-million, including a $10.7-million scheduled debt repayment against the New Liberty project finance facility.
“We remain on track to achieve our 2018 production and cost guidance of 220 000 oz to 240 000 oz of gold at an operating cash cost of $620/oz to $660/oz at an all-in sustaining cost of $960/oz to $1 000/oz,” said Avesoro CEO Serhan Umurhan on Thursday.