21st Jan 2016 07:58
LONDON (Alliance News) - Gold miner Acacia Mining PLC on Thursday said its gold production rose slightly in 2015 and said it would increase its guidance for 2016 following the ramp up of its Bulyanhulu mine in Tanzania.
Acacia's full year gold production rose 2.0% year-on-year to 731,912 ounces, helped by the ramp-up at Bulyanhulu in the fourth quarter.
Thanks to the addition of further production from Bulyanhulu, the group is now expecting production to hit 750,000 to 780,000 in 2016, albeit at a significantly lower cash cost thanks to reductions made at the Bulyanhulu project.
"We continue to focus on reducing our cost base to ensure our assets are able to generate free cash flow in the current gold price environment," said Brad Gordon, Acacia's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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