Gold miner Avocet appoints new CEO to lead recovery
London-based Avocet Mining Plc (LON:AVM) has named David Cather as its new chief executive,to replace Brett Richards, who resigned after running the West Africa-focused gold producer for two years.
Cather, who joined the company as Chief Operating Officer in May this year, over 30 years of experience in building and developing mines, most recently in his role as the Chief Operating Officer of European Goldfields, said the company in a statement.
The company's stocks have Avocet dropped 55% since the end of June, when the company cut its annual gold production target and said costs would increase. Avocet lowered its 2012 output guidance to 135,000 ounces to 140,000 ounces from an earlier target of 160,000 ounces because of a shortage of mining equipment and lower-than-expected gold grades at its Inata mine in Burkina Faso.
Avocet owns exploration projects in Burkina Faso and Guinea, but its only operational mine is Inata, which produced 167,000 ounces of gold in 2011.