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Acacia Mining's Q4, FY'18 gold output down YOY

Acacia Mining PLC's gold production in the fourth quarter of 2018 totaled 130,581 ounces from its Tanzanian operations, down 12% from 148,477 ounces produced in the year-ago quarter.

Quarterly production at the North Mara mine increased 17% year over year to 84,079 ounces due to higher-grade ore from the eastern part of the Nyabirama open pit, according to a Jan. 14 release.

Output at Buzwagi dropped 51% year over year to 35,880 ounces in the quarter as the mine transitioned primarily to a lower-grade stockpile processing operation in 2018, in line with its remaining life-of-mine plan.

The Bulyanhulu mine produced 10,622 gold ounces for the quarter, compared to year-ago output of 2,855 ounces that was impacted by a drought in the Kahama district.

Gold ounces sold for the quarter of 133,460 ounces were slightly higher than production due to the favorable timing of shipments and drawdown of finished gold on hand.

During the full year, the Barrick Gold Corp. unit produced 521,980 ounces of gold, compared to 767,883 ounces in 2017; however, it beat the year's initial guidance of 435,000 to 475,000 ounces.

The 32% year-over-year decline was due to transitioning to reduced operations at Bulyanhulu and stockpile processing at Buzwagi.

Gold sales in the year totaled 520,380 ounces, compared to 592,861 ounces a year ago.

The company said it intends to release its 2018 preliminary results and 2019 guidance Feb. 11.