Acacia swings back to profit

ACACIA Mining has swung back to profit last year as its gold production and costs beat expectations. The profit came as the largest gold miner in the country still has a longstanding tax dispute with the government over gold concentrates.

Acacia Interim CEO Peter Geleta said last year they successfully stabilised the business with focus on operational performance across all three mines.

“We continue to provide support to Barrick in its discussions with the government of Tanzania and believe that a negotiated resolution is in the best interests of all stakeholders,” Mr Geleta said in a statement.

The London-listed miner, whose shares rose 3.5 per cent on Monday, said in a statement that basic earnings per share totalled 14.4 UK pound cents compared to a loss of 172.5 cents a year earlier.

In 2018, gold production was 521,980 ounces at an allin sustaining cost of 905 US dollars per ounce. Both of those figures were lower than 2017 but ahead of expectations.

Acacia, majority owned by Barrick Gold, expects production in 2019 to be 500,000 to 550,000 ounces at a cost of 860 US dollars to 920 US dollars per ounce.

The gold miner is in a two-year long tax dispute with the government where it operates all of its mines and has been banned from exporting mineral concentrates which has forced it to cut output.

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Author: DAILY NEWS Reporter and Agencies

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