06 Mar Avesoro Resources caps turnaround at Liberian gold mine with revenue jump
West Africa-focused gold miner Avesoro Resources (AIM:ASO) has published significantly improved core earnings after it completed a turnaround at its New Liberty gold mine in Liberia.
The mid-tier company reported a 54% rise in full-year revenue to US$98 million thanks to increased gold sales of 77,396 ounces (oz), at an average realised gold price of $1,263 per oz.
The open-pit New Liberty mine has been in commercial production since 2016, with the recent substantial completion of the operation a crucial contributing factor to the company’s improved performance.
New Liberty is Liberia’s first and largest commercial gold mine, with an annual throughput capacity of 1.1 million tonnes of ore.
Last year, Avesoro purchased two producing gold mines in Burkina Faso, in what the company called a ‘transformational’ move, allowing it greater geographic diversity in the West Africa region.
“We believe the investment we have made in the Youga and Balogo gold mines [in Burkina Faso] will significantly improve our operational and financial performance in 2018,” said chief executive Serhan Umurhan.
“We are well positioned for further growth and remain focused on achieving our medium term gold production target of 500,000 oz per year.”