Avocet Mining: Difference between revisions

Avocet Mining
Company type	Public
Traded as	LSE: AVM; OSE: AVM
Industry	Mining
Founded	1995
Headquarters	London , UK
Key people	Russell Edey, (Chairman); David Cather, (CEO)
Revenue	US$280.6 million (2011)
Operating income	US$58.2 million (2011)
Net income	US$105.1 million (2011)
Number of employees	600
Website	www.avocetmining.com

Browse history interactively

← Previous edit Next edit →

Content deleted Content added

VisualWikitext

Inline

Revision as of 15:09, 22 October 2016

Avocet Mining plc is a West African-focussed gold mining and exploration company with its primary operations in Burkina Faso and Guinea. The company is listed on the London Stock Exchange and the Oslo Børs.

History

Avocet Mining was formed in 1995 and a year later listed on LSE with a market capitalisation of £72m with gold deposits in Peru, tungsten interests in Portugal, Peru and California and an operating gold mine in Penjom, Malaysia.^[2] In 1999 the Company divested tungsten operations to focus on gold. Avocet moved onto the AIM market in 2002, with a market capitalisation of £12m.^[3] In the same year the Company acquired 80% in North Lanut, Indonesia and a 49% interest and management control in gold mining company ZGC in Tajikistan which was later disposed of in 2007.^[4]^[5] In 2008 Avocet acquired the Seruyung gold exploration project in Kalimantan, Indonesia. 2009 saw the Company acquire Wega Mining^[6] and the Inata gold project in Burkina Faso, the Company poured its first gold later that year.^[7] Avocet listed on the Oslo Axess list of the OSE in 2010^[8] while disposing of the Houndé licences in Burkina Faso to Avion.^[9] The Company disposed of all its South East Asian assets in 2010. In May 2011 the company had to halt operations at the Inata mine due to "illegal labour unrest".^[10] Later the same year, Avocet Mining listed on the Main Market of the LSE, with a market capitalisation of £434m.^[11]

Operations

The company operates a gold mine at Inata in the north of Burkina Faso.^[12] Management intend to expand the mine at Inata in late 2012 such that gold production can start at the new facilities in late 2013.^[13] The Company has a pipeline of exploration projects across 21 exploration licenses in Burkina Faso and Guinea. Avocet Mining's exploration licences at Bélahouro in Burkina Faso cover approximately 1,660 km2, whilst at its other main project, Tri-K in Guinea, it has an exploration license covering approximately 986 km2.^[14]

All of Avocet's exploration mining licenses are located within the prospective Birimian greenstone belt that dominates West Africa's geological landscape.^[15]

Burkina Faso

Avocet Mining’s operations in Burkina Faso are located within a 1,660 km2 land package in the Bélahouro district approximately 220 kilometres north-east of the capital, Ouagadougou.

Outside of the Inata Gold mine license area, Avocet Mining has exploration permits over a large land package broadly known as Bélahouro. Extensive exploration work is ongoing within this area.^[15]

Guinea

Avocet Mining has a number of development projects across twelve exploration licences in Guinea. These include the 986km2 Tri-K Block, consisting of eight exploration licences across the Koulékoun, Kodiéran and Kodiafaran gold prospects.

The most advanced is Koulékoun with a Mineral Resource of 2.15 million ounces^[16] which is currently undergoing a feasibility study. The exploration licences in Guinea are 100% owned by Avocet Mining.^[17]

Production

Within Avocet’s Inata mine license area, a Mineral Resource of 3.985 million ounces^[16] and a Mineral Reserve of 1.85 million ounces has been proven. At the Souma project, which is within the Bélahouro region but outside of the Inata mine license area, a further Mineral Resource 0.56 million ounces has been defined. The Inata mine produced 167,000 ounces of gold in 2011. In 2012, the Inata mine is expected to produce approximately 135,000 to 140,000 ounces of gold.^[18]

An exploration programme in the Tri-K Block of permits in Guinea is ongoing and is focused on three main licences - Koulékoun, Kodiéran and Kodiafaran. The most advanced of these is Koulékoun with a Mineral Resource estimate of 2.15 million ounces.^[16] Kodiéran is the second largest with a maiden Mineral Resource of 0.87 million ounces.^[16]

Management

Avocet Mining’s board consists of a Non-Executive Chairman, four Non-Executive Directors and two Executive Directors.^[1]

References

^ ^a ^b ^c ^d Avocet Mining Final Results 2011 Archived 2013-02-03 at the Wayback Machine Cite error: The named reference "finalresults" was defined multiple times with different content (see the help page).
^ Avocet Mining: Prospectus Archived 2014-12-17 at the Wayback Machine
^ Interactive Investor 2002
^ Interactive Investor 2007
^ General Investor Presentation Archived 2014-12-17 at the Wayback Machine
^ Avocet plans £73m takeover of Wega Mining This is money, 14 April 2009
^ INVESTEGATE – Avocet Pours Gold at Inata in Burkina Faso
^ Avocet Mining PLC to be listed on Oslo Børs
^ FE INVESTEGATE
^ Avocet closes mine due labour dispute Digital Look, 13 May 2011
^ Avocet Mining Joins Main Market December 2011
^ Avocet Mining joins main market as it seeks growth in Africa Daily Mail, 8 December 2011
^ Mining Sector: Avocet Mining down after gold production falls Stock Wire, 3 May 2012
^ Avocet Mining Website - Burkina Faso Archived 2013-08-13 at the Wayback Machine
^ ^a ^b Mining Journal 2010 Archived 2011-12-03 at the Wayback Machine
^ ^a ^b ^c ^d Avocet Mining Unaudited Results for the Quarter ended 30 September 2012^{[permanent dead link]} Cite error: The named reference "LSE" was defined multiple times with different content (see the help page).
^ Avocet Mining Website - Operations Archived 2013-01-26 at the Wayback Machine
^ Mineweb October 2012^{[permanent dead link]}

External links

Official site

[finalresults-1] Avocet Mining Final Results 2011 Archived 2013-02-03 at the Wayback Machine Cite error: The named reference "finalresults" was defined multiple times with different content (see the help page).

[prospectus-2] Avocet Mining: Prospectus Archived 2014-12-17 at the Wayback Machine

[iii-3] Interactive Investor 2002

[4] Interactive Investor 2007

[GIP-5] General Investor Presentation Archived 2014-12-17 at the Wayback Machine

[6] Avocet plans £73m takeover of Wega Mining This is money, 14 April 2009

[7] INVESTEGATE – Avocet Pours Gold at Inata in Burkina Faso

[NewsWeb-8] Avocet Mining PLC to be listed on Oslo Børs

[investegate-9] FE INVESTEGATE

[10] Avocet closes mine due labour dispute Digital Look, 13 May 2011

[11] Avocet Mining Joins Main Market December 2011

[mail-12] Avocet Mining joins main market as it seeks growth in Africa Daily Mail, 8 December 2011

[13] Mining Sector: Avocet Mining down after gold production falls Stock Wire, 3 May 2012

[Avocet_Burkina_Faso-14] Avocet Mining Website - Burkina Faso Archived 2013-08-13 at the Wayback Machine

[MiningJournal-15] Mining Journal 2010 Archived 2011-12-03 at the Wayback Machine

[LSE-16] Avocet Mining Unaudited Results for the Quarter ended 30 September 2012^{[permanent dead link]} Cite error: The named reference "LSE" was defined multiple times with different content (see the help page).

[operations-17] Avocet Mining Website - Operations Archived 2013-01-26 at the Wayback Machine

[Mineweb-18] Mineweb October 2012^{[permanent dead link]}

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

@@ Line 9: / Line 9: @@
 | industry = [[Mining]]
 | products =
-| revenue = [[US Dollar|US$]]280.6 million (2011)<ref name=finalresults>[http://www.avocet.co.uk/downloads/final_results/2012/Avocet_AR11_LR.PDF Avocet Mining Final Results 2011]</ref>
+| revenue = [[US Dollar|US$]]280.6 million (2011)<ref name=finalresults>[http://www.avocet.co.uk/downloads/final_results/2012/Avocet_AR11_LR.PDF Avocet Mining Final Results 2011] {{wayback|url=http://www.avocet.co.uk/downloads/final_results/2012/Avocet_AR11_LR.PDF |date=20130203015859 }}</ref>
 | operating_income=[[US Dollar|US$]]58.2 million (2011)<ref name=finalresults/>
 |net_income=[[US Dollar|US$]]105.1 million (2011)<ref name=finalresults/>
@@ Line 22: / Line 22: @@
 ==History==
-Avocet Mining was formed in 1995 and a year later listed on LSE with a market capitalisation of £72m with gold deposits in Peru, tungsten interests in Portugal, Peru and California and an operating gold mine in Penjom, Malaysia.<ref name=prospectus>[http://www.avocet.co.uk/downloads/presentations/presentations_2011/Avocet%20Mining%20PLC%20Prospectus.pdf Avocet Mining: Prospectus]</ref> In 1999 the Company divested tungsten operations to focus on gold. Avocet moved onto the AIM market in 2002, with a market capitalisation of £12m.<ref name=iii>[http://www.iii.co.uk/investment/detail?code=cotn%3AAVM.L&display=news&it=le&period=2002 Interactive Investor 2002]</ref> In the same year the Company acquired 80% in North Lanut, Indonesia and a 49% interest and management control in gold mining company ZGC in Tajikistan which was later disposed of in 2007.<ref>[http://www.iii.co.uk/investment/detail?display=news&code=cotn:AVM.L&pageno=3&period=2007 Interactive Investor 2007]</ref><ref name=GIP>[http://www.avocet.co.uk/downloads/presentations/presentations_2012/120112_AVM_General_Investor_Presentation_January_2012.pdf General Investor Presentation]</ref> In 2008 Avocet acquired the Seruyung gold exploration project in Kalimantan, Indonesia. 2009 saw the Company acquire Wega Mining<ref>[http://www.thisismoney.co.uk/money/article-1169905/Avocet-plans-73m-takeover-Wega-Mining.html#ixzz1vjAOq29w Avocet plans £73m takeover of Wega Mining] This is money, 14 April 2009</ref> and the Inata gold project in Burkina Faso, the Company poured its first gold later that year.<ref>[http://www.investegate.co.uk/article.aspx?id=200912220700205189E INVESTEGATE – Avocet Pours Gold at Inata in Burkina Faso]</ref> Avocet listed on the Oslo Axess list of the OSE in 2010<ref name=NewsWeb>[http://www.newsweb.no/newsweb/search.do?messageId=261483 Avocet Mining PLC to be listed on Oslo Børs]</ref> while disposing of the Houndé licences in Burkina Faso to Avion.<ref name=investegate>[http://www.investegate.co.uk/Article.aspx?id=201007050700077733O FE INVESTEGATE]</ref> The Company disposed of all its South East Asian assets in 2010. In May 2011 the company had to halt operations at the Inata mine due to "illegal labour unrest".<ref>[http://uk.finance.yahoo.com/news/Avocet-closes-due-labour-digilook-1127426375.html Avocet closes mine due labour dispute] Digital Look, 13 May 2011</ref> Later the same year, Avocet Mining listed on the Main Market of the LSE, with a market capitalisation of £434m.<ref>[http://www.thisismoney.co.uk/money/markets/article-2071854/Avocet-Mining-joins-main-market-seeks-growth-Africa.html Avocet Mining Joins Main Market December 2011]</ref>
+Avocet Mining was formed in 1995 and a year later listed on LSE with a market capitalisation of £72m with gold deposits in Peru, tungsten interests in Portugal, Peru and California and an operating gold mine in Penjom, Malaysia.<ref name=prospectus>[http://www.avocet.co.uk/downloads/presentations/presentations_2011/Avocet%20Mining%20PLC%20Prospectus.pdf Avocet Mining: Prospectus] {{wayback|url=http://www.avocet.co.uk/downloads/presentations/presentations_2011/Avocet%20Mining%20PLC%20Prospectus.pdf |date=20141217063429 }}</ref> In 1999 the Company divested tungsten operations to focus on gold. Avocet moved onto the AIM market in 2002, with a market capitalisation of £12m.<ref name=iii>[http://www.iii.co.uk/investment/detail?code=cotn%3AAVM.L&display=news&it=le&period=2002 Interactive Investor 2002]</ref> In the same year the Company acquired 80% in North Lanut, Indonesia and a 49% interest and management control in gold mining company ZGC in Tajikistan which was later disposed of in 2007.<ref>[http://www.iii.co.uk/investment/detail?display=news&code=cotn:AVM.L&pageno=3&period=2007 Interactive Investor 2007]</ref><ref name=GIP>[http://www.avocet.co.uk/downloads/presentations/presentations_2012/120112_AVM_General_Investor_Presentation_January_2012.pdf General Investor Presentation] {{wayback|url=http://www.avocet.co.uk/downloads/presentations/presentations_2012/120112_AVM_General_Investor_Presentation_January_2012.pdf |date=20141217063514 }}</ref> In 2008 Avocet acquired the Seruyung gold exploration project in Kalimantan, Indonesia. 2009 saw the Company acquire Wega Mining<ref>[http://www.thisismoney.co.uk/money/article-1169905/Avocet-plans-73m-takeover-Wega-Mining.html#ixzz1vjAOq29w Avocet plans £73m takeover of Wega Mining] This is money, 14 April 2009</ref> and the Inata gold project in Burkina Faso, the Company poured its first gold later that year.<ref>[http://www.investegate.co.uk/article.aspx?id=200912220700205189E INVESTEGATE – Avocet Pours Gold at Inata in Burkina Faso]</ref> Avocet listed on the Oslo Axess list of the OSE in 2010<ref name=NewsWeb>[http://www.newsweb.no/newsweb/search.do?messageId=261483 Avocet Mining PLC to be listed on Oslo Børs]</ref> while disposing of the Houndé licences in Burkina Faso to Avion.<ref name=investegate>[http://www.investegate.co.uk/Article.aspx?id=201007050700077733O FE INVESTEGATE]</ref> The Company disposed of all its South East Asian assets in 2010. In May 2011 the company had to halt operations at the Inata mine due to "illegal labour unrest".<ref>[http://uk.finance.yahoo.com/news/Avocet-closes-due-labour-digilook-1127426375.html Avocet closes mine due labour dispute] Digital Look, 13 May 2011</ref> Later the same year, Avocet Mining listed on the Main Market of the LSE, with a market capitalisation of £434m.<ref>[http://www.thisismoney.co.uk/money/markets/article-2071854/Avocet-Mining-joins-main-market-seeks-growth-Africa.html Avocet Mining Joins Main Market December 2011]</ref>
 ==Operations==
-The company operates a gold mine at Inata in the north of [[Burkina Faso]].<ref name=mail>[http://www.dailymail.co.uk/money/markets/article-2071854/Avocet-Mining-joins-main-market-seeks-growth-Africa.html Avocet Mining joins main market as it seeks growth in Africa] Daily Mail, 8 December 2011</ref> Management intend to expand the mine at Inata in late 2012 such that gold production can start at the new facilities in late 2013.<ref>[http://www.stockmarketwire.com/article/4362674/Mining-Sector-Avocet-Mining-down-after-gold-production-falls.html Mining Sector: Avocet Mining down after gold production falls] Stock Wire, 3 May 2012</ref> The Company has a pipeline of exploration projects across 21 exploration licenses in Burkina Faso and Guinea. Avocet Mining's exploration licences at Bélahouro in Burkina Faso cover approximately 1,660 km2, whilst at its other main project, Tri-K in Guinea, it has an exploration license covering approximately 986 km2.<ref name="Avocet Burkina Faso">[http://www.avocet.co.uk/burkina_faso.html Avocet Mining Website - Burkina Faso]</ref>
+The company operates a gold mine at Inata in the north of [[Burkina Faso]].<ref name=mail>[http://www.dailymail.co.uk/money/markets/article-2071854/Avocet-Mining-joins-main-market-seeks-growth-Africa.html Avocet Mining joins main market as it seeks growth in Africa] Daily Mail, 8 December 2011</ref> Management intend to expand the mine at Inata in late 2012 such that gold production can start at the new facilities in late 2013.<ref>[http://www.stockmarketwire.com/article/4362674/Mining-Sector-Avocet-Mining-down-after-gold-production-falls.html Mining Sector: Avocet Mining down after gold production falls] Stock Wire, 3 May 2012</ref> The Company has a pipeline of exploration projects across 21 exploration licenses in Burkina Faso and Guinea. Avocet Mining's exploration licences at Bélahouro in Burkina Faso cover approximately 1,660 km2, whilst at its other main project, Tri-K in Guinea, it has an exploration license covering approximately 986 km2.<ref name="Avocet Burkina Faso">[http://www.avocet.co.uk/burkina_faso.html Avocet Mining Website - Burkina Faso] {{wayback|url=http://www.avocet.co.uk/burkina_faso.html |date=20130813002739 }}</ref>
-All of Avocet's exploration mining licenses are located within the prospective Birimian greenstone belt that dominates West Africa's geological landscape.<ref name=MiningJournal>[http://www.mining-journal.com/__data/assets/supplement_file_attachment/0017/245240/BurkinaFaso_scr.pdf Mining Journal 2010]</ref>
+All of Avocet's exploration mining licenses are located within the prospective Birimian greenstone belt that dominates West Africa's geological landscape.<ref name=MiningJournal>[http://www.mining-journal.com/__data/assets/supplement_file_attachment/0017/245240/BurkinaFaso_scr.pdf Mining Journal 2010] {{wayback|url=http://www.mining-journal.com/__data/assets/supplement_file_attachment/0017/245240/BurkinaFaso_scr.pdf |date=20111203012123 }}</ref>
 [[File:Avocet Mining plc Operations by location.jpg|thumb|right|upright|Avocet Mining plc operations.]]
@@ Line 35: / Line 35: @@
 Avocet Mining’s operations in Burkina Faso are located within a 1,660 km2 land package in the Bélahouro district approximately 220 kilometres north-east of the capital, [[Ouagadougou]].
-Outside of the Inata Gold mine license area, Avocet Mining has exploration permits over a large land package broadly known as Bélahouro. Extensive exploration work is ongoing within this area.<ref name=MiningJournal>[http://www.mining-journal.com/__data/assets/supplement_file_attachment/0017/245240/BurkinaFaso_scr.pdf Mining Journal 2010]</ref>
+Outside of the Inata Gold mine license area, Avocet Mining has exploration permits over a large land package broadly known as Bélahouro. Extensive exploration work is ongoing within this area.<ref name=MiningJournal>[http://www.mining-journal.com/__data/assets/supplement_file_attachment/0017/245240/BurkinaFaso_scr.pdf Mining Journal 2010] {{wayback|url=http://www.mining-journal.com/__data/assets/supplement_file_attachment/0017/245240/BurkinaFaso_scr.pdf |date=20111203012123 }}</ref>
 '''Guinea'''
@@ Line 41: / Line 41: @@
 Avocet Mining has a number of development projects across twelve exploration licences in Guinea. These include the 986km2 Tri-K Block, consisting of eight exploration licences across the Koulékoun, Kodiéran and Kodiafaran gold prospects.
-The most advanced is Koulékoun with a Mineral Resource of 2.15 million ounces<ref name=LSE>[http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11381854 Avocet Mining Unaudited Results for the Quarter ended 30 September 2012]</ref> which is currently undergoing a feasibility study. The exploration licences in Guinea are 100% owned by Avocet Mining.<ref name=operations>[http://www.avocet.co.uk/operations.html Avocet Mining Website - Operations]</ref>
+The most advanced is Koulékoun with a Mineral Resource of 2.15 million ounces<ref name=LSE>[http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11381854 Avocet Mining Unaudited Results for the Quarter ended 30 September 2012]{{dead link|date=October 2016 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> which is currently undergoing a feasibility study. The exploration licences in Guinea are 100% owned by Avocet Mining.<ref name=operations>[http://www.avocet.co.uk/operations.html Avocet Mining Website - Operations] {{wayback|url=http://www.avocet.co.uk/operations.html |date=20130126074902 }}</ref>
 ==Production==
-Within Avocet’s Inata mine license area, a Mineral Resource of 3.985 million ounces<ref name=LSE>[http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11374310 Avocet Mining Mineral Resource Increases 23% to 7.70M oz.]</ref> and a Mineral Reserve of 1.85 million ounces has been proven. At the Souma project, which is within the Bélahouro region but outside of the Inata mine license area, a further Mineral Resource 0.56 million ounces has been defined. The Inata mine produced 167,000 ounces of gold in 2011. In 2012, the Inata mine is expected to produce approximately 135,000 to 140,000 ounces of gold.<ref name=Mineweb>[http://www.mineweb.com/mineweb/content/en/mineweb-company-releases?oid=160846&sn=Detail Mineweb October 2012]</ref>
+Within Avocet’s Inata mine license area, a Mineral Resource of 3.985 million ounces<ref name=LSE>[http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11374310 Avocet Mining Mineral Resource Increases 23% to 7.70M oz.]{{dead link|date=October 2016 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> and a Mineral Reserve of 1.85 million ounces has been proven. At the Souma project, which is within the Bélahouro region but outside of the Inata mine license area, a further Mineral Resource 0.56 million ounces has been defined. The Inata mine produced 167,000 ounces of gold in 2011. In 2012, the Inata mine is expected to produce approximately 135,000 to 140,000 ounces of gold.<ref name=Mineweb>[http://www.mineweb.com/mineweb/content/en/mineweb-company-releases?oid=160846&sn=Detail Mineweb October 2012]{{dead link|date=October 2016 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
-An exploration programme in the Tri-K Block of permits in Guinea is ongoing and is focused on three main licences - Koulékoun, Kodiéran and Kodiafaran. The most advanced of these is Koulékoun with a Mineral Resource estimate of 2.15 million ounces.<ref name=LSE>[http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11381854 Avocet Mining Unaudited Results for the Quarter ended 30 September 2012]</ref> Kodiéran is the second largest with a maiden Mineral Resource of 0.87 million ounces.<ref name=LSE>[http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11374310 Avocet Mining Mineral Resource Increases 23% to 7.70M oz.]</ref>
+An exploration programme in the Tri-K Block of permits in Guinea is ongoing and is focused on three main licences - Koulékoun, Kodiéran and Kodiafaran. The most advanced of these is Koulékoun with a Mineral Resource estimate of 2.15 million ounces.<ref name=LSE>[http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11381854 Avocet Mining Unaudited Results for the Quarter ended 30 September 2012]{{dead link|date=October 2016 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> Kodiéran is the second largest with a maiden Mineral Resource of 0.87 million ounces.<ref name=LSE>[http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11374310 Avocet Mining Mineral Resource Increases 23% to 7.70M oz.]{{dead link|date=October 2016 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
 ==Management==
-Avocet Mining’s board consists of a Non-Executive Chairman, four Non-Executive Directors and two Executive Directors.<ref name=finalresults>[http://www.avocet.co.uk/downloads/final_results/2012/Avocet_AR11_LR.PDF Avocet Mining Final Results 2011] Avocet Mining Final Results 2011]</ref>
+Avocet Mining’s board consists of a Non-Executive Chairman, four Non-Executive Directors and two Executive Directors.<ref name=finalresults>[http://www.avocet.co.uk/downloads/final_results/2012/Avocet_AR11_LR.PDF Avocet Mining Final Results 2011] {{wayback|url=http://www.avocet.co.uk/downloads/final_results/2012/Avocet_AR11_LR.PDF |date=20130203015859 }} Avocet Mining Final Results 2011]</ref>
 ==References==
@@ Line 55: / Line 55: @@
 == External links==
-*[http://www.avocetmining.com Official site]
+*[https://web.archive.org/web/20120429122626/http://www.avocetmining.com/ Official site]
 [[Category:Companies based in London]]