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Avocet buys out of hedge with $63 million loan

Reuters - UK Focus

LONDON, Oct (KOSDAQ: 039200.KQ - news) 31 (Reuters) - Africa-focused Avocet Mining (LSE: AVM.L - news) said on Thursday it was set to buy back all its forward sold production, which has hamstrung the company since it cut a reserves estimate at its gold mine in Burkina Faso earlier this year.

Avocet, which inherited the hedging agreement with Macquarie bank from a takeover deal in 2009, said it had secured a $63 million loan from Ecobank Burkina Faso which would allow it to pay off the hedge "shortly".

Avocet stock remains at levels 77 percent lower than at the end of last year, but has recovered slightly in recent months closing on Wednesday at 15.49 pence, compared to an all-time low of 6.50 hit in June.

"It has long been our goal to become an unhedged gold producer and negotiation of the Ecobank loan will enable us to achieve this target," Avocet Chief Executive David Cather said in the statement.