6th Jul 2018 08:25
LONDON (Alliance News) - Acacia Mining PLC on Friday posted a drop in quarterly gold production from the previous year due to reduced operations at one of its mines and stockpile processing at another.
In its second quarter ended June 30, the gold mining company recorded production of 113,778 ounces, a 36% drop from its production in the second quarter of 2017.
While gold production at Acacia's North mara mine was 3% higher - at 85,920 ounces from 83,110 ounces the year before - the company's other two mines saw a significant drop.
Gold production at Buzwagi mine dropped 44% to 37,415 ounces in the second quarter from 66,227 ounces the year before due to lower grade stockpiles of ore.
Acacia's Bulyanhulu mine fared worse with gold production plunging 82% to just 10,443 ounces from 59,196 ounces in the same quarter last year, as the mine moved to reduce operations.
As as June 30, Acacia's cash balance was USD120 million, up by USD13 million from the previous year.
Shares in Acacia were trading 3.1% lower at 129.42 pence each on Friday morning.
Related Shares:
ACA.L