(Adds details, share movement)
May 8 Avocet Mining Plc reported a 24
percent decline in gold output for the first quarter after
losing nine days of production to the refurbishment of a mill at
its flagship Inata mine in Burkina Faso.
The company's shares fell more than 8 percent in early
trading on Thursday.
Avocet, which mines gold in Burkina Faso and Guinea, said it
expected full-year gold production of between 105,000 and
115,000 ounces at a cash cost of between $1,000 and $1,100 per
In 2013, Avocet produced 118,443 ounces of gold at a cash
cost of $1,203 per ounce.
Avocet's shares lost more than 85 percent of their value
last year as a tumbling gold price accentuated a hefty reserve
downgrade at the Inata mine.
The company said its total gold production fell to 23,148
ounces for the quarter ended March 31 from 30,481 ounces a year
Cash costs in the first quarter rose marginally to $1,178
per ounce from $1,169 per ounce a year earlier.
Avocet also missed a $15.8 million loan repayment to its
largest shareholder, Elliott Management Corp, earlier this year.
The stock was trading down 8.4 percent at 8.25 pence on the
London Stock Exchange at 0753 GMT.
(Reporting by Karen Rebelo in Bangalore; Editing by Sunil Nair
and Robin Paxton)