Acacia Mining beats own gold production target in Tanzania

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Dar es Salaam, Tanzania (PANA) –Acacia Mining plc, one of the largest gold producers in Africa, announced on Monday that it beat its target in Tanzania in 2018 when gold production for the full year reached 521,980 ounces.

This is substantially ahead of our initial production guidance for the year of 435,000 to 475,000 ounces. I am proud of the resilience, hard work and dedication shown by our people in realising this achievement despite a challenging operating environment,” said the company’s interim chief executive Peter Geleta.

Over the last 12 months we have focused on successfully stabilising the business, including a return to free cash flow generation in Q2, and I am pleased to report that we end the year with a net cash balance of US$88 million.”

The miner, which has been in a long-running dispute with the Tanzania government over undeclared royalties it allegedly owes, reported fourth-quarter gold production of 130,581 ounces.

According to the report, the cash balance as at 31 December 2018 amounted to approximately US$130 million, representing an increase of approximately US$13 million during the quarter and US$50 million for the year, with net cash increasing to approximately US$88 million at period end.