AVM – Avocet Mining

Latest Prices
Name
Price
%
Avocet Mining
276.75p
-1.60%
 
FTSE AIM 100
3,470
+1.19%

FTSE AIM 50
3,142
+1.09%

FTSE AIM All-Share
764
+0.87%

Mining
21,366
+1.63%

LONDON (SHARECAST) – AIM-listed gold miner Avocet Mining has completed the sale of two more assets in South East Asia, as its disposal programme to exit the region nears conclusion.

PT Avocet Mining Services and Avocet Mining (Malaysia) were sold for a total of $11m, resulting in a pre-tax gain of around $4.5m (to be included in its third quarter results).

The firm originally announced on 24 December 2010, that it had signed a binding agreement for the conditional sale of its South East Asian assets to J Partners, a private Cayman Islands company, for $200m cash.

Avocet has now received $181m of that $200m.

Sale completion in respect of Avocet’s remaining South East Asian assets is still subject to various government approvals, and the company is therefore now targeting completion of the remaining assets during the remainder of 2011, the statement said.

Shares were 2.04% down at 275.5p by 13:17, weighed down by a falling gold price.

BC