Africa-focused gold miner Avocet said on Thursday it had missed a $15.8 million loan repayment to its largest shareholder Elliot Associates, after the miner missed production targets and put its business under review last month.
Avocet said it had now paid the $0.8 million accrued interest on the loan, which matured on Dec. 31 2013, and was in discussions over the payment of the principal amount.
Stock in Avocet fell around 90 percent last year, hit by a sharp drop in gold prices that has hit miners of all sizes, but also by a hefty reserve downgrade at its key Inata mine in Burkina Faso and funding worries.
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