LONDON (Alliance News) - Acacia Mining PLC on Thursday said its gold production improved significantly since the start of the second quarter due to the successful implementation of a revised mining plan at the North Mara mine in Tanzania.
Acacia's gold production in April was 47,805, representing a 37% increase from the monthly average during the first quarter of 2019.
This was on the back of improved performance at North Mara with April gold production of 33,941 ounces, 54% above the monthly average production in the previous three-month period.
In April, Buzwagi gold production at 10,705 ounces was 12% higher than the first quarter monthly average, following the annual maintenance shutdown, while Bulyanhulu production of 3,159 ounces for the month was in line with prior months.
Both the Buzwagi and Bulyanhulu mines also are located in Tanzania.
The production rebound left the company confident in delivering against full-year production guidance of 500,000 to 550,000 ounces.
With regards to its running dispute with the government of Tanzania, Acacia said a "negotiated resolution" remains its preferred outcome.
Acacia added that it continues to support its parent group Barrick Gold Corp in its discussions with the government. Canada's Barrick holds a 43.8% stake in Acacia.
Acacia said it is seeking clarification regarding comments attributed to Mark Bristow, Barrick's chief executive, regarding the status of the discussions with the government, directed at identifying a proposal for a comprehensive resolution of Acacia's disputes with the government.
"Acacia is seeking clarification from Barrick regarding Bristow's reported comments, not all of which are consistent with Acacia's own understanding of the position, as well as Barrick's expectations for the conclusion of their direct discussions with the government," the company said.
On Wednesday, Bristow told Bloomberg: "We would definitely at a point intervene and force the process, but right now it's not a constructive way to try to solve this problem."
https://www.bloomberg.com/news/articles/2019-05-08/barrick-could-force-resolution-to-acacia-s-troubles-ceo-says
Acacia Mining shares were trading up 2.5% at 149.21 pence each.
