Mining News
ATH Resources (LON:ATH) plc (ATH LN, 37.5p, ? 5.06%) reported its preliminary results for the year ended 2 October 2011. Sales volumes for the year were 1.67 million tonnes, lower than last year (1.79 million tonnes) but average selling prices rose by 15% to GBP50.43 per tonne (2010: GBP43.70 per tonne), increasing revenue to GBP84.2 million (2010: GBP78.3 million). The Group's legacy sales contracts continue to constrain performance and during the year accounted for around 32% of total sales volumes. Difficult geological conditions at Glenmuckloch and Muir Dean required a write down of the Group's work in progress provisions of some GBP4.1 million. This contributed to a pre-tax loss of GBP5.8 million (2010: profit GBP4.0 million) and a basic loss per share from continuing operations of 11.5 pence (2010: earnings of 6.3 pence).
Avocet Mining (LON:AVM) Plc (AVM LN, 211.75p, ? 0.71%) announced its production and cash costs for the fourth quarter of 2011. Total gold production for the quarter was 46,102 ounces at a cash cost of US$773 per ounce. This compares with 33,256 ounces produced in the third quarter of 2011 at a cash cost of US$830 per ounce, and with 46,208 ounces produced at a cash cost of US$511 per ounce in the fourth quarter of 2010. Gold production from the Inata Gold Mine for the year was ahead of guidance at 166,744 ounces at a cash cost of US$693 per ounce, which is below recent guidance. This compares with 137,732 ounces at a cash cost of US$531 per ounce in the twelve months ended December 2010. A higher stripping ratio of 12:1 in the fourth quarter (Q3 2011: 10.7:1) contributed to the higher mining cost per ounce. Additional maintenance costs also affected mining costs and the cost per tonne mined was higher at US$1.52 (Q3 2011: US$1.25 per tonne). In 2012, the Inata Gold Mine is expected to produce approximately 160,000 ounces of gold at cash costs between US$800 and US$850 per ounce.
Gem Diamonds (LON:GEMD) Limited (GEMD LN, 200.9p, ? 0.0%) reported a trading update for the fourth quarter period, 1 October 2011 to 31 December 2011. Letseng exported a total of 32 353 carats for sale during Q4 2011, up 32% from Q4 2010. The average value of the exports for…
