Acacia Mining Releases 1st-Quarter Results
Before the opening bell on Thursday, Acacia Mining PLC (ACA.L) released its operating and financial results for the first quarter of fiscal 2019. Acacia Mining, whose majority shareholder is Barrick Gold (GOLD), also recorded a 12% decrease in revenue to $138 billion, a 72% decline in adjusted earnings before interest, taxes, depreciation and amortization to $23.8 million and an earnings loss of $7 million. These financial results were influenced by lower sales as well as lower production and lower gold prices. The company received a $190 billion fine from the Tanzanian government in July 2017 and a ban on the export of unprocessed gold and copper in March 2017. For the benefit of all its shareholders, the company believes a negotiated resolution is the best way to proceed, relying on the support of its major shareholder Barrick Gold.