Acacia Mining 2Q Production Drops as Tanzania Woes Continue
06 Luglio 2018 - 09:25AM
Dow Jones News
By Oliver Griffin
Acacia Mining PLC (ACA.LN) said Friday that gold production in
the second quarter dropped 36% on year as the effect of an export
ban in Tanzania continues to weigh on performance.
In a production update for the three months ended June 30, the
gold miner said that group gold production fell to 133,759 ounces
from 208,533 ounces in the second quarter of 2017.
Acacia has been hit by an export ban on metal concentrates in
Tanzania imposed by the country's government last year. The company
has been made to sit on the sidelines while majority shareholder
Barrick Gold Corp. (ABX.T) negotiates with the government to bring
the export ban to an end. However, a definitive agreement still
hasn't been reached.
Acacia said it sold 134,090 ounces of gold in the quarter,
higher than the amount of gold produced due to the result of
shipment timings.
The company said that first-half gold production of 254,759
ounces shows it is on track to meet the top end of its production
guidance range of 435,000 ounces to 475,000 ounces of gold in
2018.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
July 06, 2018 03:10 ET (07:10 GMT)
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