Aim-listed struggling gold miner Avocet Mining, amid company refinancing and restructuring, says it has sufficient funds for at least the next 12 months at the current and expected rate of spending.
In the six months ended June 30, Avocet sold its subsidiaries in Burkina Faso, as well as its Norwegian entity and its subsidiaries.
The company also reduced the number of board members from five to two, in continued efforts to minimise costs.
Avocet on Monday said it was in ongoing discussions with its sole creditor Manchester Securities on the restructuring of its overdue loans, which totalled $29.9-million. These loans have been due since 2013.
The company transferred a further 30% of its Tri-K gold project, in Guinea, to Managem SA – a Moroccan mining group. Avocet’s only asset is a remaining 30% stake in Tri-K.