London-listed gold miner Avocet has suspended its shares after a delay to its annual report

 
Emma Haslett
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The company said it will publish its annual report in due course (Source: Getty)

Gold miner Avocet Mining has suspended shares in both London and Oslo as it admitted its annual report will be delayed.

In a statement this morning, the company said Grant Thornton, its auditor, needed more time, but added it expects the work to be complete "in due course".

The company said production at its Inata mine in Burkina Faso continued to be hit after production was delayed following problems with late payments at the end of last year.

It said its immediate priority was to secure financing to push ahead with production at satellite pits - but warned doing so will "represent a considerable challenge".

"Compromises [are] needed from all stakeholders, with there being no guarantee of a successful outcome.

"Against this background, the mine is experiencing shortage of critical supplies including reagents and explosives, causing ongoing interruptions in the mine's production processes."

Shares in the company have fallen from a high of 2,862p in 2011 to 47.5p as markets closed last week.

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