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Avesoro sells over 125,000 ounces of gold in the first half of 2018

Avesoro is guiding for production of between 220,000 and 240,000 ounces of gold for the full year

Operating cash flow from gold production rang in at nearly US$48mln

Avesoro Resources Inc (LON:ASO), the gold company built up by David Reading and then taken over on the cusp of production by Turkish interests, is now fully into its production stride.

During the six months to June, revenues of US$165.9mln were generated from gold sales of 125,838 ounces at an average realised gold price of US$1,318 per ounce.

READ: Solgold delivers strong infill drill results at Cascabel

That’s a considerable improvement on the US$39mln generated from gold sales of 30,375 ounces in the first half of 2017.

Production from both the New Liberty mine in Liberia and the Youga mine in Burkina Faso rose.

All in sustaining cash costs rang in at US$932 per ounce, while operating cash flows hit US$47.9mln, compared to an outflow of US$7.4mln in the first half of 2017.

"We delivered a strong operational and financial performance during the first half of 2018 producing over 128,000 ounces of gold across our two mines at an operating cash cost of US$658 and all-in-sustaining cost of US$932 per ounce sold,” said chief executive Serhan Umurhan.

“We continue to make good progress with our substantial exploration drilling programme across both Liberia and Burkina Faso, with 89,900 metres of diamond drilling having been completed across our portfolio so far this year, representing 52% of the full year budget.

"We maintain our full year production guidance of between 220,000 and 240,000 ounces of gold at an all-in-sustaining cost of between US$960 and US$1,000 per ounce sold."


Quick facts: Avesoro Resources

Price: 99.5 GBX

Market: AIM
Market Cap: £81.17 m

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