Shares in Avocet Mining have been suspended from trading after the west Africa focused gold explorer failed to publish its annual report and financial statements on time.

It said the accounts were delayed because its auditors needed more time. The company, which is listed in London and Oslo, said only that the audit would be completed “in due course”.

It also said operations at its Inata facility were affected by problems related to late payments. The mine is faced with a shortage of crucial supplies such as explosives as the company tries to make payments to suppliers that are overdue.

It said reaching a deal with creditors and securing finance would “represent a considerable challenge, with compromises needed from all stakeholders, with there being no guarantee of a successful outcome”.

The company’s shares have fallen 32 per cent in the past year.

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