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Beskrivning

LandStorbritannien
ListaOB Standard
SektorRåvaror
IndustriGruvdrift & metaller
Avocet Mining är ett brittiskt guldgruvbolag. Företagets huvudsakliga verksamhet består av guldproduktion och gruvdrift i Afrika, främst koncentrerat till Burkina Faso och Guinea. Tidigare var produktionen belägen i Sydostasien, men sedan 2009 vid förvärvet av Wega Mining fick bolaget inträde på den afrikanska marknaden. Bolaget bildades 1995 och har sitt huvudkontor i London.
2017-09-25 08:00:01
London, 25 September 2017

Avocet Mining Plc (the 'Company') announces today that discussions 
with certain financial and trade creditors (the 'Major Creditors') 
of its subsidiary Société des Mines de Bélahouro SA ('SMB') continue 
with a view to reach agreement on a consensual restructuring of 
SMB's balance sheet.

In light of the current circumstances, the Board of the Company 
decided to meet on 28 September 2017 to re-assess the status of the 
discussions with the Major Creditors, SMB's liquidity position and 
the available options.

Given the current status of discussions, it is unclear whether 
agreement on a restructuring of the balance sheet can be reached 
before SMB has exhausted all available sources of financing.

FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC		
Boudewijn Wentink, CEO
Yolanda Bolleurs, CFO
+44 20 3709 2570


Blytheweigh
Financial PR 
Tim Blythe
Camilla Horsfall
Megan Ray
+44 207 138 3204


J.P. Morgan Cazenove
Corporate Broker
Michael Wentworth-Stanley
+44 20 7742 4000



NOTES TO EDITORS

Avocet Mining PLC ("Avocet" or the "Company") is an unhedged gold 
mining and exploration company listed on the London Stock Exchange 
(ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The Company's 
principal activities are gold mining and exploration in West Africa.
In Burkina Faso the Company owns 90 per cent of the Inata Gold Mine. 
The Inata Gold Mine poured its first gold in December 2009 and 
produced 72,485 ounces of gold in 2016. Other assets in Burkina Faso 
include five exploration permits surrounding the Inata Gold Mine in 
the broader Bélahouro region. The most advanced of these projects is 
Souma, some 20 kilometers from the Inata Gold Mine.

The Company also holds an interest in the Tri-K project in Guinea. 
On 22 May 2017, the Company announced that it had completed its 
agreement to dispose of 40 per cent of the project to Managem, a 
Moroccan group listed on the Casablanca stock exchange, which will 
increase upon completion of a bankable feasibility study for a CIL 
plant at the site, the incurring of expenditures of at least US$10 
million, and the enlarging of the ore reserve, to 70 per cent (in 
the event of an increase of the reserve to 1 million ounce or more) 
or 60 per cent (if less than 1 million ounces).