Avocet Mining 2011 profit jumps, positive on Guinea

Avocet Mining said full-year profit more than tripled to $115.stone crusher used in a gold mine1 million, boosted by gains from the sale of its South East Asian assets as the gold miner turns its focus exclusively to its West African projects.

Avocet, whose flagship project is the Inata mine in Burkina Faso, had posted forecast-beating production last month, but also said the cash cost of production soared over 80 percent in 2011, as it was hit by the rising cost of fuel as well as the race for staff and materials in the booming West African gold sector. Excluding exceptional items, which also included the almost $40 million cost of restructuring part of a gold hedge, the miner still posted a jump in 2011 profit to $56.4 million from $33.4 million a year previously. Core profit, or earnings before interest, tax, depreciation and amortisation (EBITDA), rose over 16 percent to $100.3 million, broadly in line with analyst expectations.