Avocet reports higher gold production from N. Sulawesi mine

UK miner Avocet Mining Plc said on Tuesday that April-June 2007 quarter gold production from its North Lanut mine in North Sulawesi Indonesia has increased by 53 percent to 15,733 ounces from the same period last year.

 

Cash cost was US$313/oz in the quarter compared with last year’s $354/oz, the company said. “The improvement in production and unit costs reflects higher grades and the negative impact that engineering work had on last year’s costs,” the company said.

 

The company has 80 percent stake in North Lanut mine. (denny)