Afema production cramps — Eden Roc’s first-quarter results

Citing weak gold prices and lower gold production at the Afema heap-leach gold mine in Ivory Coast, Toronto-based Eden Roc Mineral (EDN-T) reports a $1.7-Million loss (or 3.6 cents per share) for the first quarter. By comparison, the company lost $998,000 (2.4 cents per share) during the same period in 1996.

The average realized price during the recent 3-Month period was US$365 per oz., compared with US$395 per oz. a year ago.

Gold production slipped to 4,413 oz. from 4,732 oz., while daily throughput declined to 855 from 1,527 tonnes, partly as a result of longer hauling distances from the pit to the crusher. Consequently, production costs rose to US$19.49 from US$10 per tonne.

In March, a new adsorption/desorption recovery plant and carbon-regeneration kiln were commissioned at Afema; Eden Roc says the new facilities will double the previous capacity for processing gold-bearing solutions and resolve the dilution problems that occurred during last year’s rainy season.

The company enjoyed record production in April, when 3,545 oz. were poured.

The increased production was mostly due to the processing of relatively higher-grade ore (4 grams per tonne) from the newly discovered Junction zone.

The Afema project is owned by Somiaf, a joint venture company in which operator Eden Roc holds a 68% interest; the Ivorian government holds the remainder.

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