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Avocet Mining fails to impress

Last updated: 07:54 25 Jan 2013 GMT, First published: 08:54 25 Jan 2013 GMT

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Avocet Mining (LON:AVM) shares fell this morning as it revealed it produced 2,158 fewer ounces of gold in the fourth quarter of last year than Q3.

In the final quarter of 2012 at the Inata mine in Burkina Faso, the firm produced 30,909 ounces of the precious metal at a cash cost of US$1,246 per ounce.

In he third quarter (Q3), the figure was 33,067 ounces at US$937 per ounce.

Overall production from the West African mine stood at 135,189 ounces at a cost of US$1,000 per ounce, which was in line with revised guidance.

Cash costs rose in Q4 because of consultant fees, costs associated with the hired mining fleet and scheduled maintenance of Inata's own mining fleet, the firm said, adding that the impact of these was expected to be lower in future quarters.

Shares fell 3.09% to stand at 62.75 pence.

Full year results will be released on March 7, the company said.

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