ACACIA MINING PLC Second Quarter Production Results
July 06 2018 - 2:00AM
UK Regulatory
TIDMACA
6 July 2018
Acacia Mining plc
("Acacia", "Group" or the "Company")
Second Quarter 2018 Production Results
"We are pleased to report another strong operating performance in the second
quarter, delivering Group production of 133,778 ounces which led to an increase
in the Group's cash balance of US$13 million to US$120 million", said Peter
Geleta, Interim Chief Executive Officer. "In achieving first half production of
254,759 ounces we are on track to achieve the top end of our guidance range of
435,000-475,000 ounces for 2018 and continue to demonstrate the resilience that
we have built within our business."
Group gold production for the quarter of 133,778 ounces was a 36% decrease on
Q2 2017 (208,533 ounces), primarily driven by the move to reduced operations at
Bulyanhulu and to stockpile processing at Buzwagi. Gold ounces sold for the
quarter of 134,090 ounces were slightly above gold produced for the quarter as
a result of the timing of shipments.
At North Mara, gold production for the quarter of 85,920 ounces was 3% higher
than Q2 2017 (83,110 ounces) mainly due to 4% higher head grades compared to Q2
2017, driven by higher grades from Gokona Underground.
At Buzwagi, gold production of 37,415 ounces for Q2 2018 was 44% lower than in
Q2 2017 (66,227 ounces) as a result of production now being derived solely from
lower grade ore stockpiles due to the effective completion of the open pit.
At Bulyanhulu, all gold production continued to be from the retreatment of
tailings as a result of the move to reduced operations at the mine in late
2017. As a result, gold production for the quarter amounted to 10,443 ounces,
82% below Q2 2017's overall production result (59,196 ounces), but 18% higher
than production from tailings retreatment in Q2 2017 (8,856 ounces).
The cash balance as at 30 June 2018 amounted to US$120 million and increased by
US$13 million during the quarter, with net cash increasing to approximately
US$63 million at period end.
Acacia will be releasing its second quarter results at 07:00 BST on 20 July and
a presentation and webcast will be held for analysts and investors at 12.00 BST
on the same day. The webcast will be accessible from www.acaciamining.com and
the details for the webcast call are as follows:
Participant dial in: +44 20 3936 2999
Password: 69 32 26
ENQUIRIES
For further information, please visit our website (www.acaciamining.com) or
contact:
Acacia Mining plc
+44 (0) 20 7129 7150
Giles Blackham, Head of Investor Relations
Camarco
+44 (0) 20 3757 4980
Gordon Poole / Nick Hennis
About Acacia Mining plc
Acacia Mining plc (LSE:ACA) is the UK holding company of the Acacia Group,
Tanzania's largest gold miner and one of the largest producers of gold in
Africa. The Acacia Group has three mines, all located in north-west Tanzania:
Bulyanhulu, which is owned and operated by Bulyanhulu Gold Mine Limited,
Buzwagi, which is owned and operated by Pangea Minerals Limited and North Mara,
which is owned and operated by North Mara Gold Mine Limited.
The Acacia Group also has a portfolio of exploration projects in Kenya, Burkina
Faso and Mali. Acacia is a UK public company headquartered in London. We are
listed on the Main Market of the London Stock Exchange with a secondary listing
on the Dar es Salaam Stock Exchange. Barrick Gold Corporation is our majority
shareholder. Acacia reports in US dollars and in accordance with IFRS as
adopted by the European Union, unless otherwise stated in this announcement.
Disclaimer and forward-looking statements
This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of Acacia in any jurisdiction.
This announcement includes "forward-looking statements" that express or imply
expectations of future events or results as opposed to historical facts. These
statements include, financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations with
respect to future production, operations, costs, projects, and statements
regarding future performance. Forward-looking statements are generally
identified by the words "plans," "expects," "anticipates," "believes,"
"intends," "estimates" and other similar expressions.
All forward-looking statements involve a number of risks, uncertainties and
other factors, many of which are beyond the control of Acacia, which could
cause actual results and developments to differ materially from those expressed
in, or implied by, the forward-looking statements contained herein. Factors
that could cause or contribute to differences between the actual results,
performance and achievements of Acacia include, but are not limited to, changes
or developments in political, economic or business conditions or national or
local legislation or regulation in countries in which Acacia conducts - or may
in the future conduct - business, industry trends, competition, fluctuations in
the spot and forward price of gold or certain other commodity prices (such as
copper and diesel), currency fluctuations (including the US dollar, South
African rand, Kenyan shilling and Tanzanian shilling exchange rates), Acacia's
ability to successfully integrate acquisitions, Acacia's ability to recover its
reserves or develop new reserves, including its ability to convert its
resources into reserves and its mineral potential into resources or reserves,
and to process its mineral reserves successfully and in a timely manner,
Acacia's ability to complete land acquisitions required to support its mining
activities, operational or technical difficulties which may occur in the
context of mining activities, delays and technical challenges associated with
the completion of projects, risk of trespass, theft and vandalism, changes in
Acacia's business strategy and ongoing implementation of operational reviews,
as well as risks and hazards associated with the business of mineral
exploration, development, mining and production and risks and factors affecting
the gold mining industry in general.
Although Acacia's management believes that the expectations reflected in such
forward-looking statements are reasonable, Acacia cannot give assurances that
such statements will prove to be correct. Accordingly, investors should not
place reliance on forward-looking statements contained in this announcement.
Any forward-looking statements in this announcement only reflect information
available at the time of preparation. Save as required under the Market Abuse
Regulation or otherwise as may be required under applicable law, Acacia
explicitly disclaims any obligation or undertaking publicly to update or revise
any forward-looking statements in this announcement, whether as a result of new
information, future events or otherwise. Nothing in this announcement should be
construed as a profit forecast or estimate and no statement made should be
interpreted to mean that Acacia's profits or earnings per share for any future
period will necessarily match or exceed its historical published pro
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