LONDON: Acacia Mining PLC (ACA.LN) reported Thursday 6% growth in first-quarter revenue to $234 million on increased production from its North Mara mine and a rise in gold prices. The increase in revenue was achieved despite the lower revenue from gold and copper concentrate sales, the company said.
Gold sales of 184,744 ounces were the same as in the first quarter of 2016, but lower compared to how much the company has produced, Acacia said, blaming the Tanzanian government’s metallic-mineral concentrate export freeze. Net cash fell. “We continue to engage with the Tanzanian government in order to be able to resume the export of gold and copper concentrate which has been halted since March 3,” said Chief Executive Officer Brad Gordon. Mr. Gordon added: “Our mines continue to operate as normal and are stockpiling the gold and copper concentrate that has been produced.” The company produced 219,670 ounces of gold, 15% higher than in the previous year.
