Acacia Mining's Q4 output down on Tanzania export ban

Tuesday January 16 2018

A miner inside the Bulyanhulu gold mine in northern Tanzania. PHOTO | FILE

A miner inside the Bulyanhulu gold mine in northern Tanzania. The country believes it is not getting enough revenue from its minerals and is encouraging the construction of a local smelter. PHOTO | FILE 

By REUTERS
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Acacia Mining on Monday said its fourth-quarter production fell by a third on the previous year due to a ban on exports of gold and copper concentrates in Tanzania.

The London-listed miner said production in the three months to December fell 30 per cent to 148,477 ounces compared with a year ago and 22 per cent from the previous quarter. This brought 2017 gold to 767,883 ounces, ahead of its expectations of 750,000 ounces.

The company shut its flagship Bulyanhulu mine in September as the miner bled cash due to the government export ban that was introduced in March.

Tanzania believes it is not getting enough revenue from its minerals and is encouraging the construction of a local smelter.

“We are also continuing to support efforts towards achieving a negotiated resolution