[ad_1]
Acacia Mining claims to be on track to reach its target of 435,000 to 475,000 ounces after another strong second quarter operating performance.
Acacia, a Canadian unit of Barrick Gold and the largest gold producer in the country, reported a strong operating performance in the second quarter, which contributed to a Group production of 133,778 ounces, which resulted in an increase in the Group's cash position from $ 13 million to $ 120 million. We are on track to reach the top range of 435,000 to 475,000 ounces of gold for 2018 and continue to demonstrate the resilience we have built into our business, "said Peter Geleta, Chief of interim direction in a statement. production results for the 2018 quarter.
The gold mining company said that production fell again in the second quarter of the year, due to a long tail with the government about its activities in T anzania continues to achieve the mining's financial results while the operations in its mines -Bulyanhulu and Buzwagi- have been reduced.
"Acacia is the largest gold producer in Tanzania but has reduced its operations in East Africa on concentrate exports in March 2017". This means that Acacia production has dropped more than 40% to 254,759 ounces in the first half of 2018, compared to the same period last year.
The collapse is the result of the forced movement of Acacia to reduce its Tanzanian operations continued ban on exports of metal concentrate, which account for about one-third of the miner's output. The government has made radical changes to the mining industry to reap more benefits from minerals.
Last year, Acacia, its largest gold miner, received $ 190 billion in unpaid taxes, penalties and interest. Acacia said in June that Barrick Gold would not provide a new deadline for the completion of talks to end the dispute after failing to reach a mid-year target.
Forecasts between 435,000 and 475,000 ounces reduction of at least 38% over 2017.
[ad_2]
Source link
