Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Acacia Mining left its production guidance unchanged even as the miner saw production rebound sharply in the second quarter from the previous quarter thanks to record monthly output at its North Mara mine.
Gold production of 158,774 ounces for the quarter was 19% higher than the prior year period mainly due to 39% higher production at North Mara, offset by reduced production at Buzwagi and Bulyanhulu.
Buzwagi gold production fell 19% to 30,283 ounces for the quarter, but was in line with expectations and 6% higher than the first quarter production of 28,577 ounces. Bulyanhulu gold output fell 10% to 9,377 gold ounces for the quarter compared with last year, in line with expectations.
The ramp up in production at North Mara comes after the miner addressed the unanticipated production issues that had weighed on output in the previous quarter. North Mara Q2 production was 80% above Q1 production of 66,324 ounces.
Gold ounces sold for the quarter of 143,325 ounces were 10% below production, which the company blamed on the timing of its gold shipments from North Mara which were weighted towards the end of June.
I am pleased to announce that Acacia achieved a 51% increase in production in the second quarter of 2019 compared to Q1 2019, following the successful implementation of our revised mining plan at North Mara for both the underground and open pit mines which saw production at the mine increase by 80% over the period, said said Peter Geleta, Interim Chief Executive Officer.
We remain confident of achieving production within our guidance of 500,000 to 550,000 ounces for the year. I would like to thank our people who have made this possible, delivering a strong second quarter across all three of our mines despite the continued challenging operating environment.