Avocet Mining relief at arbitration result

An arbitration hearing has found in favour of Avocet Mining in almost all respects against J&Partners, the company that bought its South East Asian assets in 2011.

A verdict has been delivered by the arbitrator that both sides should pay for their own costs and no more.

Avocet had been worried about the threat of a potential cost claim from the claimants of up to $4.2m.

"The verdict found in favour of Avocet in almost all aspects, however the implications of those areas that remain unresolved," the FTSE Fledgling company said.

Avocet investors had been hoping that a favourable arbitration might entitle Avocet to a portion of its $1.8m cost claim.

The company said it was taking legal advice to understand what residual risks might remain in this matter and will report back when the matter has become clearer.

Shares in Avocet were up 12.2% to 2.01p by 0850 GMT on Tuesday.