Mineral resource developer Avoca Resources Ltd
(ASX:AVO) has reported a $16.3 million loss for the 2009 financial year, a much wider loss than the $1.3 million loss recorded in fiscal 2008.
The result was impacted by a $42.2 million depreciation charge associated with the company transitioning from explorer to producer.
During the year the company’s Higginsville Gold Project transitioned from project development phase to gold production with the first gold pour achieved in July 2008.
Total gold sales revenue of $145.76 million was generated from the sale of 120,861 ounces form the Higginsville Gold Project.
In April Avoca made a takeover offer for Dioro Exploration which it revised a number of times before the final offer closed on August 19.
No dividend has been paid since the end of the previous financial year and no dividend is recommended for the current year.
Avoca Resources has posted net losses over the last five years.
