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Acacia Mining's Q3 sales drop amid Tanzania woes

Barrick Gold Corp. unit Acacia Mining Plc sold 132,787 ounces of gold in the third quarter, down from 206,488 ounces in the year-ago quarter, due to the ban on export of gold and copper concentrate produced at the Bulyanhulu and Buzwagi mines from Tanzania.

The company said Oct. 12 it produced 191,203 ounces of gold in the third quarter, compared to 204,726 ounces in the year-ago period.

The better-than-expected output at the Buzwagi mine, on the back of strong grades, was offset by work permit issues at the North Mara mine and reduction of operations at the Bulyanhulu mine, all in Tanzania.

Acacia recently announced that it will only produce gold in doré form at its Buzwagi operation going forward in a bid to bring the mine "to a monthly cash flow positive position."