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Alliance News

Acacia Mining Third Quarter Sales Hit By Tanzania Export Ban

Thu, 12th Oct 2017 09:32

LONDON (Alliance News) - Gold miner Acacia Mining PLC on Thursday confirmed its third quarter production, with gold sales falling short of production due to export bans in Tanzania.

This was ahead of an announcement from Australia-listed Barrick Gold Corp that it would be releasing third quarter production and sales results - which will incorporate its 63.9% share of Acacia's operations - later Thursday.

Acacia said it produced 191,203 ounces of gold and sold 132,787 ounces of gold in the quarter to the end of September.

This included production ahead of expectations at Buzwagi, driven by strong grades, but production at North Mara and Bulyanhulu hit by work permit issues and reduced operations, respectively.

Notably, sales were below production due to the ban on the export of gold/copper concentrate produced from Bulyanhulu and Buzwagi from Tanzania.

Acacia will provide further details with its third quarter results Friday next week.

Shares in Acacia were down 2.1% at 186.00 pence Thursday.

By Hana Stewart-Smith;; @HanaSSAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.

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