Avocet Mining has denied press specuation that it has sold its two gold mines in south-east Asia for US$250 million.
While Avocet did confirm it was in ‘very preliminary discussions’ with interested parties that may lead to a sale, it quashed any idea that a disposal was on the immediate horizon. Press speculation suggested the buyer of Avocet’s North Lanut and Penjom mines was PT Labong Tandai, which already holds a 20% stake in North Lanut and the Bakan project in Indonesia.
Over the past 12 months (to 31 March 2010), total cumulative production from the two mines was 107,000 ounces.
Avocet’s other key project is the Inata gold mine in Burkina Faso, where it holds a 90% interest. Inata is currently ramping up production to 10,000 ounces per month, and hosts 900,000 ounces of reserves and 1.7 million ounces of resources.