Gold miner Avocet Mining said full-year production beat its guidance after output from its flagship Inata project in Burkina Faso recovered strongly in the last three months of 2011, boosting its shares.
Full year production came in at 166,744 ounces compared with the firm's target of between 160,000-165,000 ounces, Avocet said on Thursday, adding that it expected to produce 160,000 ounces of gold in 2012.
It posted gold production of 46,102 ounces in the fourth quarter, a 39 percent rise on the 33,256 ounces it reported in the previous three months.
The company said the cost of extracting gold grew in the fourth quarter as there was a higher ratio of waste material to gold per ounce mined and as maintenance costs rose in the period.
Shares in the company, which in November was served with a $1.95 billion lawsuit by a former partner in an Indonesian court, climbed 6.3 percent to 225 pence at 0807 GMT, valuing the company at about 449 million pounds ($699.8 million).