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Acacia Mining announced a decline in base profits in the first half due to a project impairment and higher costs arising primarily from arbitration with the Tanzanian government.
The London-listed miner said earnings before interest, taxes, depreciation and amortization (EBITDA) fell to $ 133.6 million from $ 161 million a year earlier. It also posted a net loss of $ 19.1 million in the second quarter.
CFO Jaco Maritz said that he expects a drop in costs in the second half.
Gold production in the first half reached 254,759 ounces at an all-inclusive sustaining cost (AISC) of $ 945 an ounce, production reaching the top of the # 1 goal. 39, Acacia for the year.
Acacia expects to extract between 435,000 and 475,000 ounces for 2018 at a price of $ 935,985 per ounce. Production fell 41% over the previous year because Acacia has curtailed its operations at its Bulyanhulu mine because of the concentrate export ban.
Barrick still negotiates with the government on behalf of Acacia. pay $ 300 million in acquisition gaps, divide economic benefits and hand over more than 16 percent of the ownership of its mines.
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