Avesoro lifts FY18 output by 15% y/y, progresses New Liberty undergound PFS

17th January 2019

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

TSX- and Aim-listed gold producer Avesoro Resources exceeded its 2018 full year guidance, with 220 458 oz of gold produced from its New Liberty mine, in Liberia, and the Youga mine, in Burkina Faso.

Avesoro’s yearly production increased by 15% compared with 2017, with a 44% year-on-year increase in production at New Liberty, to 109 707 oz, offset by a 4% year-on-year decrease in production at Youga, to 110 751 oz.

CEO Serhan Umurhan on Thursday said 2018 had been the year in which the company established itself as a multi-asset producer.

Meanwhile, the company is progressing a prefeasibility study (PFS) at the New Liberty underground project, which is expected to include the first openpit reserves from the Ndablama satellite deposit, towards the end of the first quarter.

Umurhan said the company would, this year, focus on the delivery of strong cash flow and further debt reduction.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION