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Acacia Mining Q4 output down on Tanzania export ban

Mining News - Published on Wed, 17 Jan 2018

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Mining quoted Acacia Mining said that fourth-quarter production fell by a third on the previous year due to a ban on exports of gold and copper concentrates in Tanzania.

The London listed miner said production in the three months to December fell 30% to 148,477 ounces compared with a year ago and 22 % from the previous quarter. This brought 2017 gold to 767,883 ounces, ahead of its expectations of 750,000 ounces.

The company shut its flagship Bulyanhulu mine in September as the miner bled cash due to the government export ban that was introduced in March.

Tanzania believes it is not getting enough revenue from its minerals and is encouraging the construction of a local smelter.

Mr Peter Geleta interim chief executive said that "We are also continuing to support efforts towards achieving a negotiated resolution with the Tanzanian government."

The cash balance as at December stood at USD 81 million after a USD 15 million outflow in the fourth quarter.

The all-in sustaining cost of producing an ounce of gold, an industry benchmark, fell to 779 per ounce compared with 952 per ounce a year ago.

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Posted By : Rabi Wangkhem on Wed, 17 Jan 2018
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