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Avesoro’s production climbs as New Liberty stabilises

Thursday, January 12, 2017 6:41
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Avesoro Resources Inc (LON:ASO TSX:ASO) upped gold production by over a third in its latest quarter as the New Liberty mine in Liberia settled down.

Output in the three months was 18,872 ounces, to bring the total for 2016 overall to 63,556 ounces.

Avesoro was taken over and refinanced by Turkish conglomerate MNG last year after teething issues and a tailings problem threatened to scupper the mine in its infancy.

The mine’s processing operations had stabilised and plant utilisation is now at 91% Avesoro said , while the tailings issue  has been eased by new procedures, a detoxification circuit and new process plant pipes, pumps and valves.

Work on the tailings process is still ongoing, though, with two additional PSA oxygen plants to be installed by the middle of the next quarter.

During the quarter 269,081 tonnes of ore was processed at an average feed grade of 2.09 g/t with gold recovery levels rising to 87%.

Serhan Umurhan, chief executive, said this was a record for the tonnage of material moved and the plant operated in line with expectations.

He expects this improvement to lead to a material improvement in financial performance in the coming year though the next results will bear the scars of the issues that affected 2016.

Story by ProactiveInvestors


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