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Acacia Mining 'substantially' tops production guidance

Acacia Mining said gold production for the full year 'substantially' topped its guidance as higher gold production at the North Mara and Bulyanhulu mines in the fourth quarter offset lower production at Buzwagi.

Gold production was 130,581 ounces for the fourth quarter, bringing the total gold production for the full year to 521,980 ounces, topping guidance given in July, when the company predicted output at the top end of the range of 435,000 to 475,000 ounces.

Full year production of 521,980 ounces, although ahead of expectations, was 32% lower than 2017 owing to the transition to reduced operations at Bulyanhulu and to stockpile processing at Buzwagi, the company said.

Gold ounces sold for the quarter was 133,460 ounces, which was slightly higher than production amid 'the favourable timing of shipments and draw down of finished gold on hand,' the company added.

At North Mara, gold production for the quarter of 84,079 ounces was 17% higher than the prior year of 72,018 ounces, while Bulyanhulu produced 10,622 gold ounces for the quarter, above the prior year's 2,855 ounces.

Buzwagi gold production fell 51% to 35,880 ounces for the quarter from a year earlier as a result of the mine transitioning to a lower grade stockpile processing operation in 2018 in line with its remaining life of mine plan, the company said.

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