CAPITAL MARKETS

Maiden profit for Avanco

Brazil copper and gold miner making progress

Michael Quinn
Maiden profit for Avanco

The interim profit came after earnings of $10.9 million, while revenue totalled $46.1 million.

Copper and gold sold totalled 7095 tonnes (or 14.85 million pounds), and 5113 ounces respectively.

Cash costs in June for the copper production came in at $1.36/lb net of credits.

Debt free Avanco has been publicly plugging away in Brazil since late 2007.

Antas produced first copper concentrates in March 2016, with the company having a bigger potential copper development (Pedra Branca) at feasibility stage, and a gold opportunity called CentroGold in the pipeline.

Shares in the company were up nearly 5% to A10.25c in morning trade, capitalising the company at $252 million.

The stock was at 5c 12 months ago, and at similar levels to today’s share price five years ago.

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