Avocet CEO steps down

Three weeks after a hefty production downgrade sent Avocet Mining's shares tumbling, its chief executive Brett Richards is stepping down with immediate effect – in a move the company insists is totally unrelated.

Shares in Avocet rose 2 per cent to 70.6p yesterday but are still less than half their level on 29 June, when the company cut its 2012 gold output target from 160,000 ounces to between 135,000 and 140,000.

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