Avocet Mining Plc. (AVM.L) reported that its first-quarter loss attributable to equity shareholders of the parent company was $40.42 million, compared to profit of $12.49 million. On a per share basis, net loss was 20.30 cents, compared to profit of 6.20 cents in the prior year quarter.
The loss before tax from continuing operations for the quarter was $44.79 million, compared to profit of $20.84 million in the year ago quarter. The latest-quarter result included net $45.0 million of exceptional items: $20.2 million cost of hedge buy-back; $96.6 million loss on initial recognition of forward contracts; $72.2 million gain on reversal of impairment; and$0.3 million cost of impairment of discontinued Mali projects.
Excluding exceptional items, the pre-tax profit for the latest-quarter was $0.2 million.
Revenue in the quarter was $40.88 million, down from $60.26 million in the year ago quarter. Gold production in the first quarter of 2013 of 30,481 ounces, compared to 38,296 ounces in the prior year quarter.
Over the remainder of 2013, Avocet said it will be focussed on optimising cash flow at Inata, while meeting its production guidance of 135,000 ounces at a total cash cost of $1,100 per ounce. Subject to shareholder approval, the Company expects to draw down a further $10.0 million under the Elliott Loan, to finance the completion of the feasibility study at Tri-K in Guinea, and to meet corporate costs.
Further financing is expected before the end of 2013 to provide funds for repayment of the $15.0 million Elliott loan and for working capital for 2014.
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