Shares in Tanzania-focused gold producer Acacia Mining (LON:ACA) soared almost 13% Friday after the miner said it expected full-year production to be 5% higher than a previous forecast of 750,000 ounces to 780,000 ounces.
Acacia Mining, which operates Bulyanhulu, North Mara and Buzwagi mines, saw its stock climb 12.94%, closing the session at 529p. The jump took the company’s gains this year to over 200%.
The miner’s s core profits increased to $124.8 million for the third quarter ending Sept. 30, more than five times its earnings a year earlier.
The miner expects full-year production to be 5% higher than a previous forecast of 750,000 ounces to 780,000 ounces.
Gold production for the period totalled 204,726 ounces compared with 163,888 ounces in the same quarter a year earlier.
“I am particularly pleased with North Mara’s performance this quarter, delivering 112,523 ounces at an all-in sustaining cost (“AISC”) of US$655 per ounce sold. This more than offset the impact of operational stoppages at Bulyanhulu and the deferred access to higher grades at Buzwagi,” chief executive Brad Gordon said in a statement.
The company, which is majority owned by Canada’s Barrick Gold — the world’s No.1 gold company — has been focused on bringing down costs, which were among the sector’s highest in 2013.
Earlier this year, Acacia was caught in a tax evasion scandal with a Tanzanian tribunal ruling the company had dodged more than $40 million in corporate taxes from 2010 to 2013.
The tribunal, headed by a High Court judge, ordered Acacia Mining to pay $41.25-million in taxes to the Tanzanian government. The company said at the time it was victim of a flawed taxing system, IPP Media reported. It said that it had invested about $3 billion in Tanzania and that the government had agreed that such amount could be deducted from its corporate taxes.
The post Acacia Mining soars after revising gold output forecast up appeared first on MINING.com.
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