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(Reuters) – Gold mining company Acacia Mining Plc ( ACAA.L ) said Friday that it expects 2018 production to reach the maximum target of 435,000 to 475,000 ounces.
Acacia, a unit of Barrick Gold in Canada ( ABX.TO ) and the largest gold producer in Tanzania, reported that first-half production had dropped by more than 40 % to 254,759 ounces.
It produced 133,778 ounces of gold in the second quarter, down 36% from the previous year, due to a reduction in activities at its flagship Bulyanhulu mine.
He sold slightly more ounces of gold than he produced during the quarter, helped by the timing of some shipments.
Tanzania is making radical changes in its mining industry to reap more benefits from its minerals. Last year, she slapped Acacia, her largest gold producer, with $ 190 billion in taxes, penalties and unpaid interest.
Acacia said in June that Barrick Gold would not provide a new deadline for the completion of negotiations to end the dispute after failing to reach the mid-year goal .
Forecasts of between 435,000 and 475,000 ounces for this year represent a reduction of at least 38% from 2017.
Report by Arathy S Nair to Bengaluru
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