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Avocet swings to profit as gold mine ramps up

Gold producer Avocet (AVM.L) swung to a third quarter profit on Friday after it posted a strong rise in output as its West African mine ramped up to full capacity.The London-listed company posted diluted earnings per share of $5.67 compared to a loss of $1.75 in the same period last year.Gold production in the three months to the end of September rose to 67,792 ounces, up 28 percent from the second quarter and more than double from last year’s level.The company said it was on track to meet its annual production target of 220,000 ounces mainly due to its new Inata mine in Burkina Faso, which made up about 60 percent of total production."West Africa is the engine room of our growth and we remain very encouraged not only by the performance of the Inata plant, but also by the potential for our accelerated exploration campaign across West Africa," said Chief Executive Brett Richards.The firm boosted its planned yearly outplut at Inata to 165,000 ounces per year over a six-year mine life, compared with the previous forecast of 120,000 ounces per year over an eight year mine life.Avocet said total cash costs fell by 12 percent to $619 per ounce compared with the second quarter and total mineral resources gained by 16 percent.Avocet also has assets Southeast Asia, operating the Penjom mine in Malaysia and North Lanut operation in Indonesia. (Reporting by Eric Onstad; Editing by Hans Peters)

10 Monday January 2011  10:17

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