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Acacia Mining PLC (ACA.LN) announced Friday that it had slipped to a net loss in the second quarter due to the negative impact of its dispute with the Government of Tanzania, which is hindering the business performance.
-a mining company was hit by a ban on the export of metal concentrates to Tanzania, imposed by the country's government last March. The majority shareholder Barrick Gold Corp. (ABX.T) conducts negotiations to lift the ban. Acacia Mining reported a loss of $ 19.1 million in the quarter ended June 30, while net income was $ 35.7 million in the same period last year. Second quarter turnover rose 12% to $ 176.9 million
The mining company said gold production in the second quarter fell 36% to 133,778 ounces compared to the same period of the previous year. He indicated that he was on track to reach the upper limit of his production forecast for the year, in a range of between 435,000 and 475,000 ounces
. uncertainty of the company, the board said that he did not recommend paying interim dividend.
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