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Avesoro Resources downgraded its production guidance, but reported that third-quarter pre-tax losses narrowed as exploration costs offset a slump in revenue on the back of weaker production, owing to disruptions at its mines.
The company revised its expectations for full-year gold production to range of 140,000-to-145,000 ounces, with a split of 70,000 ounces at New Liberty and 75,000 ounces at Youga.
That was down from previous guidance of between 180,00 and 200,000 ounces of gold.
The downgrade came as financial performance in the third quarter was affected by the operational issues and lower production levels.
For the quarter ended September 30, 2019, pre-tax losses narrowed to $16.29m from $16.34m on-year, and revenue fell $31.2m from $59.2m.
Gold production fell 34% to 22,678 ounces on-quarter, following production interruptions at both the New Liberty and Youga gold mines.
'Mining operations continue at both our New Liberty and Youga gold mines with operational performance having improved since the end of Q3. However, gold production remains lower than budgeted with provisional Group production in October of 5.5koz,' the company said.
At 9:49am: (LON:ASO) Avesoro Resources Inc. share price was -3.5p at 92.5p