6th May 2015 07:00
LONDON (Alliance News) - FTSE 250-listed miner Acacia Mining PLC on Wednesday said it has secured final approval for the start of mining at the Gokona underground gold mining project in North Mara in Tanzania.
Acacia said the timing of the approval with the environmental impact assessment conducted on the site is in line with its expectations, with commercial production from the mine set to start in late in the second quarter of 2015 and production to ramp up over the course of the year.
Following the completion of the Gokona open pit, production from North Mara for at least the next five years will comprise a blend of high-grade underground material from the Gokona underground and open pit material from the Nyabirama pit, Acacia said. Together these are expected to allow the North Mara mine to sustain annual production rates in excess of 250,000 ounces of gold at "very competitive costs", the company added.
"We are delighted to have received the approvals to commence commercial production from the Gokona Underground. This project is reflective of our new approach to operating our assets whereby we have re-engineered the mine to drive free cash flow and at the same time have significantly reduced the mine's footprint which helps our relationships with the communities around the mine," said Acacia Chief Executive Brad Gordon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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