West African gold producer, Avesoro Resources shared financial year results ended 31 December 2017.
According to the report, total Company revenues for the full year grew 54% from US$63,6 to US$97.8 million. Emphasizing EBITDA increase of US$105.4 million which shows the turnaround in operations at New Liberty, The company announced EBITDA of US$17.3 million in 2017
Total capital spend of US$30 million, including upgrades to the process plant and mine site infrastructure at New Liberty, including the Tailings Storage Facility upgrade and US$16 million of waste stripping
Commenting on the Company’s improved quarterly performance, Serhan Umurhan, Chief Executive Officer of Avesoro Resources, said: “The year has seen materially increased revenues from higher gold sales, growth in EBITDA levels and a fall in operational costs, achievements that demonstrate our ability to optimise mines and extract inherent value. I am delighted with the continued improvements in operational performance quarter on quarter throughout the year, resulting in a strong performance in the final Quarter of 2017, with record cash flow and revenues.
The operational turnaround at New Liberty is substantially complete and it is now delivering to the revised mining schedule with further productivity and cost improvements expected throughout the year ahead together with added value to come from our near term exploration programme.
The acquisition of the Youga and Balogo Gold Mines in Burkina Faso represents an exciting step in our journey that complement Avesoro’s asset portfolio with two high-quality gold producing mines, as well as offering geographic diversity within West Africa.
Year to date performance at each of our mines has been in line with our published guidance and we believe the investment we have made in the Youga and Balogo Gold Mines will significantly improve our operational and financial performance in 2018. We are well positioned for further growth and remain focused on achieving our medium term gold production target of 500koz per year.”
