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Avocet Mining PLC (AVM.L)

AVM.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Avocet says FY results not published due to pending audit
Tuesday, 2 May 2017 02:00am EDT 

May 2 (Reuters) - Avocet Mining Plc ::Has been unable to publish its annual report and financial statements for year ending Dec.31 2016 within four months of year end.Company has requested that its shares on both London Stock Exchange and Oslo Børs be suspended with immediate effect..Reason for delay in publishing accounts is due to time needed by group's auditors, Grant Thornton, to complete their audit work.Company expects audit to be completed in due course and will apply for restoration of its listing immediately thereafter.  Full Article

Avocet says Boudewijn Wentink has been appointed as CEO
Monday, 3 Apr 2017 02:04am EDT 

Avocet Mining Plc : Boudewijn Wentink has been appointed chief executive officer with immediate effect and will join the board as an executive director . David Cather will step aside as chief executive but will remain on the board as technical director . Yolanda Bolleurs will take the position as chief finance officer from 3 april 2017 as jim wynn stands down as finance director . Jim Wynn will then remain on the board of avocet as a non-executive director . Production at inata during 2017 continues to be affected by the knock-on effects of the suspension of operations in october and november 2016 . Discussions are in progress with creditors to allow the mine a period to free up operating cashflows to effect repairs needed to ensure predictable production levels. . Recent increase in security incidents in the sahel area, including in the vicinity of the mine, remains a concern. .Is in talks with the government of burkina faso to enhance its military presence in the area,.  Full Article

Avocet says seeking $11-14 mln financing to extend life of Inata mine
Thursday, 2 Feb 2017 02:00am EST 

Avocet Mining Plc : Update on Inata life of mine plan . Is seeking us$11-14m financing aimed at substantially extending Inata's life for benefit all stakeholders . Financing of us$11-14 million sought for development of three satellite projects, including souma, to add potentially up to seven years and 500- 600,000 ounces of gold production to mine life .Full year guidance for 2017 is 75-85,000 ounces at cash cost of us$900-1,000 per ounce.  Full Article

Avocet Mining says FY gold production slightly below guidance
Thursday, 26 Jan 2017 01:59am EST 

Avocet Mining Plc : Avocet mining plc-2016 Q4 and full year productions results and general update . Gold production in Q4 was 13,177 ounces at a cash cost of $1,156 per ounce, compared with 17,694 ounces at a cash cost of $1,047 per ounce in Q3 . Fall in production was predominantly due to operations at mine being interrupted for a period of four weeks . 1,392 ounces of gold which had been seized in October, causing interruption, have now been released and sold . Says full year production totalled 72,485 ounces, slightly below guidance, at a cash cost of $991 per ounce . full year production totaled 72,485 ounces at a cash cost of $991 per ounce, which was slightly below guidance of 75-85,000 ounces notified prior to stoppage in October . Q4 2016 production at Inata gold production in Q4 was 13,177 ounces compared with 17,694 ounces in Q3 2016 . Although production at Inata has returned to normal, impact of disruption on cash position of mine continues to be felt .FY production totaled 72,485 ounces at a cash cost of $991 per ounce, slightly below guidance of 75-85,000 ounces notified prior to stoppage in October.  Full Article

Avocet says to reach settlement on seized gold in coming weeks
Wednesday, 7 Dec 2016 02:00am EST 

Avocet Mining Plc : Shipment 315, which consisted of over 6,000 ounces of gold, has been sold . Management fees for November and December have now been received by Avocet from Société Des Mines De Bélahouro SA . Mine is in production and weekly shipments have now been reinstated as normal . Now has working capital to cover its corporate overheads through to anticipated completion, in early January 2017, of Tri-K disposal .Is also hoped that a settlement will be reached with regards to claims of ex-workers in coming weeks.  Full Article

Avocet says production not yet recommenced at Inata mine
Monday, 14 Nov 2016 08:00am EST 

Avocet Mining Plc : Update on Inata gold seizure . Although seizure of gold shipment which took place on 7 Oct 2016 was lifted by court order on 7 November, gold has not yet released . Discussions continue with legal advisers and intermediaries representing ex-workers whose claims resulted in initial seizure . Reasons for this have yet to be fully established .As a result of this delay, production has not yet recommenced at Inata mine.  Full Article

Avocet says court orders lifting of gold seizure
Tuesday, 8 Nov 2016 02:00am EST 

Avocet Mining Plc : Outcome of hearing regarding gold seizure . Judge in Ouagadougou has ordered lifting of seizure of gold shipment which had taken place on Oct. 7 2016 . Continues to explore solutions to resolve 2 bln CFA legal claim made by ex-employees against Société Des Mines De Bélahourou Sa . Steps are being taken to recover seized gold for export and to reinstate normal gold shipments thereafter .Intention is to resume operations at Inata later this week if possible.  Full Article

Avocet suspends operations at Inata gold mine in Burkina Faso
Thursday, 27 Oct 2016 02:00am EDT 

Avocet Mining Plc : 2016 Q3 production and suspension of operations at inata . Q3 total gold production at inata for quarter was 17,694 ounces at a cash cost of $1,047 per ounce, compared with 21,086 ounces produced in Q2 of 2016 at a cash cost of us$903 per ounce . Tri-K transaction with managem aiming to complete before end 2016 . Says production in quarter was lower than in Q2, as anticipated, as a result of lower recoveries due primarily to treatment of ore types .Says if funding is not available from Inata or company is unable to secure alternative funding, company will likely enter an insolvency process.  Full Article

Avocet Mining confirms in talks with Managem, others
Thursday, 29 Sep 2016 09:00am EDT 

Avocet Mining Plc : Comment on press speculation .Co confirms has held discussions with several interested parties, including managem sa, but negotiations ongoing, no transaction concluded..  Full Article

Avocet Mining says still in financing talks for two projects
Friday, 26 Aug 2016 02:00am EDT 

Avocet Mining Plc : Half-Year report . Q2 2016 gold production 21,086 ounces at cash cost of $903 per ounce, compared with 20,528 ounces at $925 per ounce in Q1 . EBITDA of $6.9 mln in H1 2016, and net cash generated by operations of $11.2 mln . Negotiations continue with financing partners for TRI-K project in Guinea and Souma project in Burkina Faso .Further announcements expected shortly.  Full Article

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