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Avocet production down as cash costs rise

25th January 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – West African miner Avocet reported a decline in gold production for the fourth quarter of 2012, as cash costs increased at its Inata gold mine, in Burkina Faso.

The London-listed miner produced 30 909 oz of gold at a cash cost of $1 246/oz, compared with third-quarter gold output of 33 067 oz at a cash cost of $937/oz and 46 102 oz at $773/oz in the fourth quarter of 2011.

“As expected, cash costs rose in the fourth quarter due to consultant fees paid to Alexander Proudfoot, a full quarter of costs associated with the hired mining fleet and the scheduled maintenance of Inata's own mining fleet,” Avocet said in a statement.

The operation produced 135 189 oz at a cash cost of $1 000/oz in the 2012 full year, compared with the 166 744 oz produced at $693/oz in 2011.

Avocet would release its financial results for the year on March 7.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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