Avocet cuts FY production guidance at Burkina Faso mine

6th November 2014 By: Creamer Media Reporter

JOHANNESBURG (miningweekly.com) – West Africa-focused miner Avocet Mining has lowered its full-year output guidance to 95 000 oz of gold, compared with the previously targeted 105 000 oz, owing to lower-than-expected production in the quarter ended September 30.

During the third quarter of the year, the company’s Inata mine, in Burkina Faso, had produced 21 736 oz of gold at a cash cost of $1 183/oz.

This was higher than the 21 650 oz produced in the second quarter at a cash cost of $1 317/oz, but lower than expected owing to lower mill feed grades.

Meanwhile, the carbon blinding circuit had been commissioned in September, with initial results showing an improvement in recoveries compared with the processing of carbonaceous ore without carbon blinding.

Avocet indicated that an average recovery of 70% had been achieved between September 11 and October 31.

Looking ahead, the company expected to achieve further cost savings in 2015, noting that higher production levels from the processing of higher-grade ore should lead to a lower cost per ounce at Inata next year.