JOHANNESBURG (miningweekly.com) – Dual-listed West African gold producer Avesoro Resources has reported total yearly gold production for 2017 of 192 072 oz, well ahead of its production guidance of 70 000 oz to 80 000 oz.
The company’s New Liberty gold mine in Liberia produced 25 563 oz of gold in the fourth quarter, a 29% increase on the previous quarter, which is in line with guidance provided in the quarter-three production update.
The strong quarter resulted in record full-year production from the mine of 76 179 oz of gold, towards the upper end of Avesoro’s guidance range, representing a 20% increase on 2016 production levels.
Avesoro’s Burkina Faso-based Youga and Balogo mines produced 28 845 oz of gold in the quarter, resulting in strong full-year total production of 115 893 oz of gold.
"We are pleased to report a strong quarter. At New Liberty, the year has been focused on the now completed turnaround resulting in the company meeting its revised guidance for the year,” said CEO Serhan Umurhan in a statement.
He added that the company was looking to further increase its gold production levels and reduce operating costs during the year.
“We now look forward to delivering an even stronger performance in 2018,” he said.