Avocet Mining Chairman tops up stake after disappointing update

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LONDON (ShareCast) - Russell Edey, the Chairman of Avocet Mining (LSE: AVM.L - news) since 2010, has boosted his stake by 100,000 shares, less than a week after the company saw its shares fall following a mixed third-quarter update.

Edey purchased the shares at 63.75p a time for a total of £63,750.

In an update last Thursday, the company said that an anticipated reduction in the Inata Mineral Reserves at its Inata mine now makes expansion unlikely in the short term.

Gold production was 33,067oz (Q2 2012: 32,917 oz) with cash costs of $937 per ounce in the quarter (Q2 2012: $1,006 per oz). Whilst cost savings were achieved on reagent consumption and operating efficiency improvements, overall cash costs reduced as a result of lower maintenance activity and less grade control drilling, both of which are expected to reverse in the fourth quarter of 2012.

Full-year production guidance is maintained at 135,000 to 140,000 ounces at a cash cost of $1,000 to $1,050 per ounce.


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