16th Jan 2015 07:43
LONDON (Alliance News) - Acacia Mining PLC on Friday reported a rise in fourth-quarter gold production and sales, with costs also falling, and said its full-year production has topped guidance.
FTSE 250-listed Acacia, which changed its name earlier this year having previously been called African Barrick Gold PLC, said its gold production for the fourth quarter to the end of December rose to 181,804 ounces, up from 165,374 last year. Gold sales for the quarter rose to 194,243 ounces from 168,177 in 2013.
For the full year, production hit 718,651 ounces, well above the 641,931 ounces reported last year and above the upper end of its guidance for between 650,000 and 690,000 ounces. Full-year sales rose to 703,680 ounces, up from 649,742 ounces last year.
The group said its all-in sustaining costs estimate for the fourth quarter was USD1,088 per ounce sold, 6% lower than the USD1,171 for last year. For the full year, it estimates costs at USD1,105 per ounce sold, at the bottom end of its guidance and 18% lower year-on-year.
"We are pleased to report further progress in the fourth quarter resulting in full year production of 718,651 ounces, ahead of our original 2014 guidance and a 13% improvement on 2013," said Acacia Chief Executive Officer Brad Gordon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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