GOLD: Pit wall fails at Avesoro’s New Liberty gold mine

LIBERIA – Avesoro Resources has suspended mining activities in the Kinjor-East pit at its New Liberty gold mine, following the failure of a pit wall and ramp in the north side of the pit on Oct. 1. There are no reports of injuries or damage to equipment. Mining at New Liberty’s Marvoe and Kinjor-South pits continues, but ore production volume is expected to be reduced for some time. The New Liberty gold mine, 100 km northwest of the capital Monrovia in Grand Cape Mount County, is Avesoro’s key asset. Commercial production at the open pit mine started in March 2016. The mine produced 109,707 oz. of gold last year. The mine is expected to produce 120,000 to 130,000 oz. of gold in 2019. Avesoro also operates the multiple open pit Youga gold mine in Burkina Faso, which it acquired from Avesoro Jersey in the United Kingdom in December 2017. The company says its 2019 gold production and cost guidance remain under review. Heavy rain resulted in flooding at New Liberty mine’s main pit and disrupted ore access in September, while a security breach at the Youga mine in August by an armed group of artisanal miners who tried to steal ore from the mine’s stockpile, damaged several haul trucks and heavy mining equipment and reduced the mining fleet’s capacity. At press time, Avesoro’s shares were trading at $1.65 with a 52-week trading range of $0.415 to $3.20. The company has 81 million common shares outstanding for a $135-million market capitalization. This story originally appeared on www.NorthernMiner.com.