Mine blasting at Avion Gold's Tabakoto Project in MaliAvion Gold
Avion Gold Corp's third-quarter profit halved partly on some tax provisions and lower ore grade, and the Canadian gold miner cut its full-year production forecast for the second time in two months.
For 2011, it now expects to produce 92,000-95,000 ounces of gold, down from its prior view of 95,000-100,000 ounces.
For July-September, net income fell to $7.2 million, or 2 cents a share, from $14.4 million, or 4 cents a share, a year ago.
The West Africa-focused company, which holds 80 percent of the Tabakoto and Segala gold projects in Mali, reported a 16 percent rise in revenue at $36.9 million.
