R/€ = 15.62 Change: 0.02
R/$ = 13.93 Change: 0.01
Au 1424.08 $/oz Change: -15.08
Pt 845.11 $/oz Change: -10.33
 
 
R/€ = 15.62 Change: 0.02
R/$ = 13.93 Change: 0.01
Au 1424.08 $/oz Change: -15.08
Pt 845.11 $/oz Change: -10.33
 
 
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Avesoro's first-quarter Ebitda margin improves to 16%

15th May 2019 BY: Creamer Media Reporter

West African gold producer Avesoro Resources achieved a 102% quarter-on-quarter increase in earnings before interest, taxes, depreciation and amortisation (Ebitda) to $9.5-million for the first quarter of this year.

Its Ebitda margin also improved to 16%, compared with the 8% margin achieved in the fourth quarter of 2018.

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The TSX- and Aim-listed company on Wednesday reported a 4% quarter-on-quarter increase in revenue to $59.9-million for the first quarter, driven by gold sales of 45 810 oz at an average realised price of $1 304/oz.

The company, which operates the New Liberty mine, in Liberia, and the Youga mine, in Burkina Faso, delivered gold output of 45 098 oz for the quarter.

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“Although gold production was slightly behind our targeted levels for the quarter, we remain on track to achieve annual production and cost guidance for 2019 and I am pleased to report that both consolidated operating cash costs and all-in sustaining cash costs were reduced during the quarter. This was primarily driven by a 28% reduction in unit mining costs at New Liberty to $1.68/t and by 14% to $1.85/t at Youga," CEO Serhan Umurhan commented.

Consolidated operating cash costs of $911/oz for the first quarter represented a 7% quarter-on-quarter improvement, while the all-in sustaining cost of $1 149/oz represented a 6% quarter-on-quarter improvement. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
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