Acacia share price sees gains at London, Dar stock markets
A mine worker looks at the North Mara gold mine in north western Tanzania in 2015. PHOTO | FILE
What you need to know:
- During the second quarter of this year Acacia reported another strong operating performance, delivering Group production of 133,778 ounces, which led to an increase in the Group’s cash balance of $13 mil-lion to $120 million.
- Gold production was 254,759 ounces.
- The target is to reach the range of 435,000-475,000 ounces for 2018.
Dar es Salaam. After being volatile for a long time, the Acacia Mining share price has continued to gain at both London and Dar es Salaam bourses.
The Dar es Salaam Stock Exchange market report shows that the company’s share price gained by Sh780 in three weeks to close at Sh4,020 on Wednesday, this week, from Sh3,240 recorded on September 3.
The share appreciation also pushed up the company’s market capitalisation to Sh1.648 trillion on Wednesday, this week, from Sh1.32 trillion recorded on September 3, this year.
The DSE report shows that the company also recorded 3,800 outstanding bids since early this week, which failed to find any shares on offer.
At the London Stock Exchange, the report shows that the company’s share price reached GBX133.65 on Wednesday this week from GBX110.95 recorded on September 3, this year.
However, Wednesday’s share price was higher than GBX133.65 recorded yesterday at 9.27 am East African Time.
This is being experienced when the company is undergoing transformation following a ban by the government of Tanzania preventing it from exporting mineral concentrates.
The matter is still on the negotiation table between the government and Canadian Barrick Gold Corp, which owns a 64 per cent stake in Acacia Mining.
In Feberuary Acacia said in a statement that it was “engaging with a small number of potential investors” over the sale and had received expressions of interest from Chinese companies, but noted that it was an early stage.
The company also announced the conclusion of sale of its assets at Nyanzaga Gold Mine to OreCorp of which was already approved by the Tanzanian Fair Competition Commission (FCC) since July this year.
