Acacia share price gains after publishing 2018 annual statement

Dar es Salaam. Acacia mining share price gained in both Dar es Salaam Stock Exchange (DSE) and London Stock Exchange (LSE), where it originally listed, a day after publishing the annual report for 2018.

The DSE market report has shown that the company share price gained by 1.71 per cent to a closing Sh5, 950 on Wednesday April 04, 2019 from Sh5, 850 recorded during the previous close.

However, the company market capitalisation remained flat at Sh2.39 trillion on Wednesday, similar to previous day.

At London Stock Exchange (LSE), the market report has shown that the company share price gained by 6.90 points or 3.75 per cent to 200.40GBX on Wednesday at 3.10 pm from an opening 191.60GBX.

However, the price was lower than 52-week high of 268.20GBX.

According to the annual report despite an increasingly challenging operating environment the Company was able to achieve gold production of 521,980 ounces in 2018, substantially ahead of the initial production guidance of 435,000 to 475,000 ounces for the year.

The report has shown that during 2018, Acacia paid a total of $127 million in taxes and royalties in our host country of Tanzania.

This comprised provisional and final corporate tax payments for the year of $42 million, royalties of US$51 million, payroll taxes of $24 million and other taxes of $10 million.

However, The Board has not recommended a dividend for 2018 as a result of the continuing inability to export gold concentrate following the imposition of the concentrate export ban in 2017, the uncertainty around the ongoing resolution of the Company’s dispute with the government of Tanzania and the need to safeguard liquidity requirements.

Acacia Mining is a gold mining business operating in Tanzania, with exploration properties in Kenya, Burkina Faso and Mali.