A strong third quarter for Acacia mining

Posted on :Wednesday , 26th October 2016

Tanzanian based gold miner, Acacia, has had a 2016 to remember with the announcement of another strong performance in its third quarter.

Shares in the company jumped more than 9pc to £5.15 in early trade, with a 25pc leap in gold production year on year. Running at the same time, the miner’s cash costs per ounce fell by 26pc.

So yeah, a strong year indeed for Acacia.

To put it into official numbers, Acacia produced 204,000 ounces of gold from July – September this year. Revenue jumped by a third to $284m (£202m) and profits before tax swung from a $14.6m loss this time last year to an $80.8m gain.

“We’ve lowered costs in every part of the business – we’ve re-engineered our mines,” said Brad Gordon, chief executive. The company had been on a three-year “journey” to turn itself around, he added. “Every facet of the business has changed.”

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