Acacia Mining improves full-year 2016 guidance
By Alexander Bueso
Date: Friday 21 Oct 2016
(ShareCast News) - Acacia Mining reported a sharp drop in its operating costs during the third quarter of 2016, which contributed to a near doubling of its cash even as the company raised its full-year guidance for output.
All in sustaining costs declined 16% to $998 per ounce over the three months ending on 30 September, including a $97 per ounce share-based valuation charge.
That saw the company increase its net cash position by $32m to $203m, almost twice the figure with which it ended 2015.
In parallel, the outfit said it now expected full-year group production to be roughly 5% more than its initial guidance range for between 750,000 to 800,000 ounces of gold.
2016 reported AISC on the other hand was now seen towards the bottom of the company´s original range for between $950 and $980 an ounce.
Group production during the third quarter ran 25% above year-ago levels at 204,726 ounces, with good performance at its North Mara mine having helped to offset operational stoppages at Bulyanhulu and the deferred access to higher grades at Buzwagi.
Production at North Mara was expected to decline in the fourth quarter as mining grades fell as the outfit moved through some lower grade stopes.
However, output from Bulyanhulu and Buzwagi was seen rising.
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