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Acacia beats gold output guidance with 13% YOY increase in FY'16

Barrick Gold Corp. unit Acacia Mining plc produced 829,705 ounces of gold in 2016, a 13% year-over-year increase and beating the year's guidance.

In October 2016, the company revised its output forecast to about 5% more for the year than the original guidance of 750,000 ounces to 780,000 ounces.

Sales for precious metals increased to 816,743 ounces in the year compared to 721,203 ounces in 2015, the company said Jan. 19.

Copper production stood at 16.2 million pounds compared to 15 million pounds a year ago.

All-in sustaining costs for the company dropped to US$958 per ounce, from US$1,112 per ounce in the prior year.

Capital expenditure for the full year totaled US$195.9 million compared to US$183.6 million a year ago.

Gold production in the fourth quarter of 2016 totaled 212,954 ounces, a 6% year-over-year increase, mainly due to higher grades and recoveries at the North Mara mine in Tanzania and increased run-of-mine processing at Bulyanhulu.

Sales of gold in the quarter increased to 209,292 ounces, up from 198,617 ounces sold in the year-ago quarter.

Copper production for the quarter was 4.3 million pounds, a 5% year-over-year decline.