{"id":12570,"date":"2012-07-19T13:02:35","date_gmt":"2012-07-19T11:02:35","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/update-2-avocet-names-new-ceo-to-lead-recovery\/"},"modified":"2012-07-19T13:02:35","modified_gmt":"2012-07-19T11:02:35","slug":"update-2-avocet-names-new-ceo-to-lead-recovery","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-avocet-names-new-ceo-to-lead-recovery\/","title":{"rendered":"UPDATE 2-Avocet names new CEO to lead recovery"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>By Brenton Cordeiro<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">July 19<\/span> (Reuters) &#8211; West Africa-focused Avocet Mining Plc<br \/>\n has named engineering veteran David Cather as its new<br \/>\nchief executive, as it seeks to reassure the market on its<br \/>\noperations and boost shares battered by reduced output outlook<br \/>\nand worries over expansion plans.<\/p>\n<p><span><\/span><\/p>\n<p>The miner said on Thursday it had accepted Brett Richards&#8217;<br \/>\nresignation, appointing mining engineer Cather, who joined the<br \/>\ncompany in May 2012 as chief operating officer, in his place.<\/p>\n<p><span><\/span><\/p>\n<p>Last month, Avocet cut its production outlook for the full<br \/>\nyear citing equipment availability issues and lower recoveries<br \/>\nand processing rates at its flagship Inata mine in Burkina Faso,<br \/>\nand raised cost forecasts by a quarter.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;What the company needs at this juncture is somebody who is<br \/>\nstrong operationally and that is my good self,&#8221; Cather, who has<br \/>\nworked with European Goldfields, Anglo American Plc and<br \/>\nDe Beers, told Reuters. &#8220;The imperative for Avocet going forward<br \/>\nis to have an operational focus and I am an operator at heart.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>Avocet has a pipeline of exploration projects across 21<br \/>\nexploration licenses in Burkina Faso and Guinea. Its only<br \/>\noperational mine is Inata, which produced 167,000 ounces of gold<br \/>\nin 2011, and that has been the focus of analyst worries.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The market may have mixed views on the announcement but<br \/>\ngiven it appeared that Avocet has struggled to get a handle on<br \/>\nthe Inata operation, Cather&#8217;s promotion appears sensible,&#8221; Numis<br \/>\nSecurities analyst Cailey Barker said.<\/p>\n<p><span><\/span><\/p>\n<p>In its statement on June 29, the miner cut its 2012 gold<br \/>\nproduction guidance to between 135,000 and 140,000 ounces, down<br \/>\nfrom 160,000 ounces it originally estimated.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Brenton Cordeiro July 19 (Reuters) &#8211; West Africa-focused Avocet Mining Plc has named engineering veteran David Cather as its new chief executive, as it seeks to reassure the market on its operations and boost shares battered by reduced output outlook and worries over expansion plans. The miner said on Thursday it had accepted Brett [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-12570","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=12570"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12570\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}