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Acacia to hit top end of full year gold production guidance

Acacia Mining PLC said July 6 that it is on track to achieve the top end of its full-year production guidance as it recorded an output of 133,778 ounces in the second quarter.

The 36% year-over-year decline in production is mainly due to reduced operations at the Bulyanhulu mine and a move to stockpile processing at the Buzwagi mine in Tanzania, the company said.

The second-quarter production included 85,920 ounces from the North Mara mine, 37,415 ounces from Buzwagi and 10,443 ounces from Bulyanhulu.

Sales in the quarter totaled 134,090 ounces, compared to 127,694 ounces sold in the year-ago quarter, which was affected by a ban on export of concentrates from Tanzania.

In the full year, Acacia expects to produce 435,000 to 475,000 ounces of gold at an all-in sustaining cost of between US$935/oz and US$985/oz.