October 2, 2017 / 7:02 AM / in 10 months

Avocet Mining revenue halves on lower gold production

Oct 2 (Reuters) - Gold miner Avocet Mining Plc reported a 49 percent drop in first-half revenue as the West Africa-focused company’s gold production fell.

Total gold sold halved to 21,377 ounces in six months ended June 30 from a year earlier, with an average price of $1,235, compared with $1,213 last year, the company said.

Restructuring discussion with the creditors of Avocet Mining’s unit that operates the Inata gold mine in Burkina Faso led to a halt in the mine’s production, the company said.

Revenue fell to $26.4 million in the first half from $51.8 million. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri)

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