Acacia Mining slumps into losses as export ban hits on earnings
A miner inside the Bulyanhulu gold mine in northern Tanzania. Acacia Mining’s revenue fell by 29 per cent to $752 million over the period, as the Tanzania’s ban on export of mineral concentrates introduced in March last year hit the firm’s earnings. PHOTO | FILE
Gold producer Acacia Mining has registered net loss of $707 million for the year ending December 31, 2017, on the back of a hefty charge on the value of its main assets in Tanzania.
As a result, Acacia has scrapped its 2017 dividend and announced that it will slash its gold production in 2018 up to 43 per cent as its Buzwagi mine transitions to processing stockpiles while Bulyanhulu, whose operations have been scaled down, solely re-processes tailings.
