Acacia Mining Earnings, Output Fall on Tanzania Gold-Concentrate Export Ban
21 Luglio 2017 - 09:36AM
Dow Jones News
By Razak Musah Baba
LONDON--Acacia Mining PLC (ACA.LN) said Friday it is heading for
the lower end of its range of its production forecast this year as
a result of Tanzania's ban on exporting gold concentrate which took
its toll on earnings in the second quarter.
The gold-mining company, whose controlling shareholder is
Canada's Barrick Gold, said earnings before interest, taxes,
depreciation and amortization fell 34% to $79.2 million in the
three months to end-June from $119.3 million a year earlier on a
near halving in revenue to $157.8 million from $284.0 million.
Gold production fell 6% to 208,533 ounces, though for the six
months to June 30, output was 4% higher at 428,203 ounces from same
period a year earlier.
"The first half has posed significant challenges to our
operations in Tanzania following the introduction of the
concentrate export ban in March and I am pleased with how we have
performed in light of this," Chief Executive Officer Brad Gordon
said.
Acacia operates three gold mines in Tanzania, with output from
the Bulyanhulu and Buzwagi operations comprised of gold and silver
bars and a concentrate containing gold, silver and copper.
"As a result of the impact of the ban we are now targeting the
lower end of the production guidance range of 850,000 to 900,000
ounces for 2017," Mr. Gordon said. Management is sticking to its
forecast for all-in sustaining costs, he said, citing strict cost
controls.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
July 21, 2017 03:21 ET (07:21 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Grafico Azioni Barrick Gold (TSX:ABX)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Barrick Gold (TSX:ABX)
Storico
Da Mar 2023 a Mar 2024