Acacia Mining Gold Production Up In Q2 2019

Acacia Gold production Tanzania Q2 2019

Acacia Mining (LSE: ACA), Tanzania’s largest gold producer, just released its latest interim results, showing a total gold production of 158,774 ounces in Q2 2019, with a 51% increase compared to Q1 2019.

The achieved gold production was also 19% higher than the prior year period, mainly due to the higher production at North Mara mine, offset by expected reductions in production at Buzwagi and Bulyanhulu mines.

Interim CEO Peter Geleta explained that these results have been achieved with the successful implementation of the revised mining plan at North Mara mines, which saw production increase by 80% over the period.

“We remain confident of achieving production within our guidance of 500,000 to 550,000 ounces for the year [2019],” Geleta added.

Acacia Mining is currently in a raw with the GoT after a presidential committee found in May 2017 that the company allegedly under-declared its exports and eventually presented it with a demand for USD 190 billion in unpaid taxes.

The gold miner has always refuted the accusation and has been since in talks with the GoT for a resolution.

The GoT has also introduced a ban to export mineral concentrates and ores for metallic minerals such as gold, copper, nickel, and silver.

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