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Acacia Mining 2018 Gold Production Beats Guidance...

LONDON (Alliance News) - FTSE 250-listed Acacia Mining PLC said on Monday that gold production ... LONDON (Alliance News) - FTSE 250-listed Acacia Mining PLC said on Monday that gold production was ahead of expectations in 2018 but still was lower than in 2017, due to reduced operations and a transition to stockpile processing. For the three months to the end of 2018, Acacia produced 130,581 ounces, 12% down from 148,477 ounces the year before, but this was "slightly ahead of expectations". Gold production saw an annual fall partly due to a transition to reduced operations for the Bulyanhulu underground mine in Tanzania since late 2017. In addition, production from Buzwagi, also in Tanzania, halved during the fourth quarter of 2018 as the mine transitioned to lower-grade stockpile processing operations in line with its remaining life of mine plan. Acacia, which is majority-owned by Canadian mining giant Barrick Gold Corp, faced numerous regulatory issues in Tanzania last year, including the arrest of a current and former employee.

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