Canada’s Barrick Gold (TSX, NYSE:ABX), the world’s top bullion producer by volume, reported Thursday a drop in production during the third quarter due mainly to ongoing issues between its majority owned subsidiary Acacia Mining (LON:ACA) and the Tanzanian government.
The Toronto-based miner said preliminary results show it produced 1.24 million ounces of gold in the quarter ended Sept 30, less than the 1.38 million ounces produced a year earlier.
The average market price for gold in quarter fell to $1,278 per ounce from $1,333, Barrick said.
Acacia Mining has faced government pressure in Tanzania since March, when President John Magufuli imposed a ban on gold concentrate, which represents about a third of the company’s output.
Further hurdles, including permit issues and curtailed operations at its main Tanzanian mines hit Acacia’s output in the quarter.
More to come…
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