The largest gold miner in Tanzania said it lifted production by almost 100 000 oz compared to 2015 and outdid its production guidance.
CEO of Acacia Mining, Brad Gordon, said 2016 was the fourth consecutive year of production growth at Acacia Mining, driven by a record production year at North Mara and the highest production year at Bulyanhulu since 2006.
“The strong operational performance during the quarter led to a further build-up in cash of $16 million, representing an increase of $114 million in net cash during 2016. Acacia Mining is also pleased to confirm that we will extend mining at Buzwagi by six months, and that it will now continue until the end of 2017 before stockpiles are processed over at least two years.
“We therefore look forward to another strong year and will provide guidance for the year with the release of our preliminary results on 14 February.”
Acacia Mining’s production highlights include full year sales of 816 743 oz, 13% above that of 2015 as well as all-in sustaining costs of $958/oz sold, which is 14% lower than 2015.
For the quarter, Acacia Mining realised gold sales of 209 292 oz, generating all-in sustaining costs of $952/oz sold, after a $47 per ounce credit in respect of share based payments.