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Avocet Mining - Disposes of non-core assets

February 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:
  • 219p
Avocet has announced the long awaited sale of its non-core gold operations in South East Asia to Indonesian mining fund J&Partners for US$200m cash, usefully higher than the US$140m pre-sale estimate. Although these assets had generated nearly 74,000 oz out of a group total of 165,000 in the first nine months of 2010 and will therefore leave a short-term hole in production, their costs had been rising sharply, reflecting their increasing maturity. More importantly, the cash will provide additional firepower to increase exploration at its highly prospective gold licences in Burkina Faso and Guinea as well as look for further acquisitions elsewhere in West Africa. We made the shares a New Year NAP las ...

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