Acacia Mining reports FY gold production ahead of guidance

(Sharecast News) - Acacia Mining reported gold production of 130,581 ounces for the fourth quarter, bringing the full year total to 521,980 ounces, "substantially ahead" of initial production guidance for the year of 435,000 - 475,000 ounces.Fourth quarter production was 12% lower year-on-year mainly due to the transitioning of Buzwagi to a stockpile processing operation, partly offset by higher gold production at North Mara and Bulyanhulu, Acacia said.Gold ounces sold for the quarter of 133,460 ounces were slightly higher than production due to the favourable timing of shipments and draw down of finished gold on hand, it added.Full year production was 32% lower than 2017 due to the transition to reduced operations at Bulyanhulu and to stockpile processing at Buzwagi.Full year gold sales of 520,380 ounces were broadly in line with production.The cash balance at the end of 2018 was up $50m year on year to about $130m with net cash increasing to around $88m at period end, Acacia said.Acacia was last week fined 300m Tanzanian shillings ($129,143) over allegations of breaching environmental regulations at its North Mara mine.