StockMarketWire.com - Avesoro Resources maintained its full-year outlook after swinging to a pretax profit Monday as first-half gold production and sales more than trebled from the same period a year ago.

The company maintained its full-year production guidance range of 220,000 to 240,000 ounces of gold at an operating cash cost of US$620 to US$660 per ounce sold and all-in-sustaining cost of between US$960 and US$1,000 per ounce sold.

For the six months to 30 June, the company delivered a pretax profit of $16.8m for the first half, compared with a loss of $19.03m a year earlier, revenues rose to $165.9m up from revenues of $39m.

First-half gold production was 128,319 ounces, up 318% from a year earlier, and sales of gold rose 301% to 31,390 ounce at an average realised gold price of US$1,318 per ounce, up 6% from a year earlier.

During the second half of 2018, the company said it expected to see further improvements in unit cost performance as mining volumes increase.

This would be supported by the commissioning of additional heavy mining equipment at both New Liberty and Youga earlier in the year and also the increased plant throughputs that had been enabled through process plant optimisation activities undertaken during the first half.


At 8:06am: [LON:ASO] Avesoro Resources Inc. share price was +3p at 241.5p



Story provided by StockMarketWire.com