8th Jul 2019 08:33
(Alliance News) - Acacia Mining PLC said Monday it was confident of achieving its 2019 gold production targets after a strong second quarter which saw its Tanzanian North Mara mine output surge.
For the three months ended June, gold production jumped 19% to 158,774 ounces from 133,778 ounces the year prior. This was primarily due to a 39% surge in production from its North Mara operations to 119,113 ounces, partially offset by production falls at Buzwagi and Bulyanhulu also in Tanzania.
Second-quarter production was 51% higher than the 104,899 ounces produced in the first quarter of 2019.
The second quarter also saw Acacia's Gokana underground mine begin ore development in the higher-grade GB2 area.
Gold sales rose 6.9% to 143,325 ounces from 134,090 the year before. Sales were 10% below production in the second quarter due to the timing of gold shipments from North Mara, which were weighted towards the end of June.
"I am pleased to announce that Acacia achieved a 51% increase in production in the second quarter of 2019 compared to first quarter of 2019, following the successful implementation of our revised mining plan at North Mara for both the underground and open pit mines which saw production at the mine increase by 80% over the period," Acacia Interim Chief Executive Officer Peter Geleta said.
"Overall we achieved gold production of 158,774 ounces in the second quarter of 2019 with a particularly strong quarter from North Mara, which set a monthly production record of 47,849 ounces for the month of June," Geleta added.
"We remain confident of achieving production within our guidance of 500,000 to 550,000 ounces for the year," Geleta continued.
Acacia shares were up 0.6% early Monday in London at 171.82 pence.
Related Shares:
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