https://www.engineeringnews.co.za

Strong production boosts Avesoro’s FY18 Ebitda by 348% y/y

14th March 2019

By: Marleny Arnoldi

Online News Editor

     

Font size: - +

TSX- and Aim-listed Avesoro Resources produced 220 458 oz of gold at its New Liberty mine, in Liberia, and its Youga mine, in Burkina Faso, in 2018 – a 179% year-on-year increase.

This was achieved at a consolidated operating cash cost of $774/oz sold and an all-in sustaining cost (AISC) of $1 043/oz sold.

The company on Thursday reported a 189% year-on-year increase in revenue to R282-million, which was driven by higher gold sales of 220 998 oz and an average realised gold price of $1 275/oz.

Avesoro reported earnings before interest, taxes, depreciation and amortisation of $77.5-million – a year-on-year increase of 348%.

After year-end, the company said a prefeasibility study had been released for New Liberty, which resulted in a seven-year life-of-mine extension and a total forecast gold recovery of 1.26-million ounces.

Avesoro expects to produce between 210 000 oz and 230 000 oz of gold, at an operating cash cost of between $850/oz and $890/oz and an AISC of between $1 100/oz and $1 190/oz, this year.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

The Steel Tube Export Association of South Africa
Steel Tube Export Association of South Africa

The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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







301

sq:0.056 1.331s - 140pq - 2rq
Subscribe Now