September 11, 2017 / 7:22 AM / in 9 months

Avocet to resume talks over Burkina Faso gold mine

Sept 11 (Reuters) - The boards of West Africa-focused Avocet Mining and its Societe des Mines de Belahouro (SMB) subsidiary will resume talks on Friday aimed at saving the struggling gold operation from insolvency.

SMB, which operates the Inata gold mine in Burkina Faso, is is struggling to keep the mine operating after former workers seized a shipment of gold last year and faces possible insolvency after the expiry of a freeze on loan repayments.

The boards of SMB and Avocet, which owns 90 percent of the Inata mine, were to meet on Sept. 8 to consider “all available options”, Avocet had said.

Avocet said on Monday that a meeting would reconvene on Sept. 15 to reassess the status of talks with creditors, SMB’s liquidity position and the available options.

The Inata mine produced 72,485 ounces of gold in 2016.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by David Goodman

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below