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Acacia Mining Gold Production Drop by 32% in 2018

April 4, 2019
1 minute read
Acacia Mining Tanzania gold production 2018

Acacia Mining (LSE: ACA), the largest gold producer in Tanzania, just released its Annual Report for 2018, showing a total gold production of 521,980oz, compared to 767,880 oz in 2017 (-32%).

During the same period, revenues reached USD 664m vs USD 752m in 2017, (-11.7%), due to a decrease in gold sales volumes mainly from the Bulyanhulu and Buzwagi mines, while EBITDA reached USD 226m vs USD 257m in 2017 (-12%).

The unsold concentrate on hand as a result of the concentrate ban remains unchanged at approximately 186,000 ounces of gold, 12.1 million pounds of copper and 159,000 ounces of silver.

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Looking ahead to 2019, Peter Geleta, the Interim CEO, commented “Assuming a resolution of our disputes with the Government of Tanzania (GoT), the ability to economically produce and sell gold concentrate and a successful resumption of underground mining operations, […] further capital investment of around USD 120 to USD 140 million could deliver an expected life of mine of 18 years with an average steady-state production rate of 300,000 to 350,000 ounces per year. A final decision to resume underground mining operations and make necessary further capital
investments would be dependent on achieving a comprehensive settlement with the GoT. “

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.

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