ACACIA MINING PLC Second Quarter Production Results

 
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:         [phone] 
 
      Password:                       69 32 26 
 
ENQUIRIES 
 
For further information, please visit our website (www.acaciamining.com) or 
contact: 
 
Acacia Mining plc 
 
[phone] 
 
Giles Blackham, Head of Investor Relations 
 
Camarco 
[phone] 
 
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 
 
 
 
END 
 

(END) Dow Jones Newswires

July 06, 2018 02:00 ET (06:00 GMT)