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Avocet Mining - Inata mine drives strong results

April 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • AVM
  • Price:
  • 225p
Although final results were muddied by exceptional items, Avocet's underlying EBITDA of US$86m and pretax profit of US$33m substantially beat expectations. Operationally this was a transformational year with its flagship Inata mine in Burkina Faso achieving first production and quickly ramping up to produce 138,000 oz gold at a cost of US$531 / oz. Work is now underway to increase capacity to 165,000 oz for this year, while the current drilling program is aiming to double reserves to nearly 2m oz by the third quarter. Elsewhere in Africa Avocet has achieved encouraging drilling results in its Tri-k block in North Eastern Guinea, which is targeting three prospects with the aim of upgrading resources from 665,000 oz to around ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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