Avocet Mining swings into the red

11th Nov 2009 09:05

Gold miner Avocet Mining reported a pre-tax loss compared with a profit the same time a year earlier after it booked charges at its Penjom gold mine in Malaysia. The Malaysia and Indonesia focused miner said for the six months to 30 September it made a pre-tax loss of $4.5m compared with a pre-tax profit of £30.9m the same time a year before. Revenue for the period increased to $54.2m from $50.6m. Avocet, which was hit by deferred stripping costs of $7.96m at its Penjom gold mine, said gold production from its two operating mines rose to 56,297 troy ounces from 55,778 ounces the same six months a year earlier, after a better performance at its North Lanut mine.