8th Oct 2018 09:14
LONDON (Alliance News) - Gold miner Acacia Mining PLC said on Monday it expects to exceed the upper end of its full-year production guidance, despite reporting lower gold production in the third quarter of 2018.
For the three months to the end of September, Acacia produced 136,640 ounces of gold, down 29% from 191,203 ounces a year before, due to reduced operations at Bulyanhulu and a move to stockpile processing at Buzwagi.
However, production from North Mara operations rose by 24% to 89,287 ounces for the quarter from 72,011 ounces a year before, due to higher lead grades and higher grade ore received.
Despite the total production drop, Acacia said the result for the quarter exceeded management expectations, leading to the miner expecting to exceed its current 2018 production guidance of 435,000 to 475,000 ounces, and target around 500,000 ounces for the full year.
"We are very pleased to report a strong operational performance for the year to date, delivering 391,000 gold ounces in the nine months to the end of September 2018. As a result, we expect to exceed the upper end of our full year production guidance range of 435,000 to 475,000 ounces and are now targeting production to be marginally in excess of 500,000 ounces for the full year," said interim Chief Executive Officer Peter Geleta.
Acacia will release its third quarter results on October 19.
Shares in Acacia Mining were up 3.3% at 148.95 pence on Monday.
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