Avocet Mining plc reported audited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2014. For the fourth quarter, the company reported revenue of $23,532,000, loss from operations of $137,537,000, loss before taxation of $90,942,000, loss attributable to equity shareholders of the parent company of 80,237,000 and LBITDA of $3,478,000.

For the full year, the company's revenue was $110,444,000 against $149,261,000 a year ago. Loss from operations was $137,537,000 against $80,608,000 a year ago. Loss before taxation was $140,135,000 against $149,385,000 a year ago. Loss attributable to equity shareholders of the parent company was $136,120,000 or 67.09 cents per diluted share against $142,483,000 or 71.56 cents per diluted share a year ago. LBITDA was $2,231,000 against $10,463,000 a year ago. Net cash generated by operating activities was $5,208,000 compared to net cash used in operating activities of $78,711,000 a year ago. Payments for property, plant and equipment was $11,613,000 compared to $15,667,000 a year ago. Exploration and evaluation expenses were $28,000 compared to $14,478,000 a year ago. The lower revenue reflected lower gold production in the year (30,909 fewer ounces sold), as well as a fall in the average realized spot price in the year from $1,423 per ounce in 2013 to $1,263 per ounce in 2014.

For the quarter, the company reported production of 19,503 ounces. The company's cash costs per unit were $1,052 oz.

The company's production at Inata in 2014 of 86,037 ounces was below the guidance of 95,000 ounces and 2013 production of 118,443 ounces. The company's cash costs per unit were $1,186 oz compared to $1,203 oz a year ago.

For the quarter, the company reported net impairment of assets of $85,912,000.