Acacia celebrates yet another productive year in Tanzania
Acacia Mining (formerly African Barrick Gold plc) is a gold mining business operating in Tanzania, with exploration properties in Kenya, Burkina Faso and Mali.It is listed on the London Stock Exchange and the Dar es Salaam Stock Exchange under the ticker ACA, and is a constituent of the FTSE 250 Index. Acacia’s majority shareholder is Barrick Gold, which owns 63.9% of the company.
What you need to know:
- Production for the quarter was 6 per cent higher than that of the fourth quarter of 2015 and 4 per cent higher than the third-quarter production
Johannesburg. Marking its fourth consecutive year of production growth, Aim-listed gold miner Acacia reported strong fourth-quarter production of 212, 954 oz for the three months ending December 31.
Production for the quarter was 6 per cent higher than that of the fourth quarter of 2015 and 4 per cent higher than the third-quarter production.
CEO Brad Gordon noted that this resulted in record full year production of 829 705 oz, almost 100 000 oz ahead of 2015 and above an already increased guidance.
The increase in production was predominantly driven by higher grades and recoveries at North Mara and increased run-of-mine processing at Bulyanhulu, in Tanzania.
North Mara produced 91 183 oz of gold in the fourth quarter, an 18 per cent increase on the prior-year period as head grade increased by 16 per cent owing to the higher-grade contribution from the Gokona underground mine, as well as an increase in the openpit mine grade at Nyabirama combined with a resultant 3 per cent higher recovery.
At Bulyanhulu, production reached 79 859 oz for the quarter, a two per cent increase year-on-year. Production from run-of-mine processing of 70 808 oz was six per cent ahead of the fourth quarter of 2015 as head grade increased by five per cent owing to an improvement in underground mined grades.
This was in combination with a three per cent increase in recovery. However, the increase in run-of-mine production was partly offset by a 20 per cent decrease in production attributable to reprocessed tailings owing to lower head grade and resultant lower recovery, partly offset by higher throughput.
Production at Buzwagi, however, fell by seven per cent year-on-year to 41 912 oz in the quarter under review, owing to a 14 per cent lower head grade as a result of ore tonnes being sourced predominantly from the lower-grade splay areas as a result of a change in mine sequencing, partly offset by higher throughput as a result of improved plant performance.
Meanwhile, the company also reported a five per cent year-on-year increase in gold sold to 209 292 oz for the fourth quarter; however, the ounces sold were two per cent lower than production, as a result of logistical delays related to Bulyanhulu concentrate shipments. (Agencies)
