Avocet Mining PLC (AVM.L) announced pre-tax loss from continuing operations of $117.03 million in 2012, as against a profit of $6.48 million a year ago. In 2012 the Group recognised an exceptional impairment charge in respect of mining property of $135.3 million. The impairment was triggered by the re-assessment of the future cash flows to be generated at Inata, following the downward revision to Mineral Reserves from 1.85 million ounces to 0.92 million ounces, according to the company. Excluding exceptional items, pre-tax profit fell to $18.28 million from the 2011 figure.
For continuing operations, loss attributable to the equity shareholders of the parent company sharply widened to $92.69 million, from $355,000 last year.
Revenue for the year 2012 was $204.11 million, down from $213.38 million in the prior-year period. The Group sold 136,856 ounces at an average realised price of $1,491 per ounce during 2012.
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