20 Apr Acacia Mining gold sales tumble after Tanzanian export ban
Acacia Mining (LSE:ACA) has reported a comparable quarterly rise in gold production in its latest financial report, but a fall in gold sales during the first quarter of 2017.
The Africa-focused miner produced 219,670 ounces of gold throughout Q1 of 2017, a 15% rise on the amount produced in the corresponding quarter of the previous year.
However, gold sales in the first quarter of this year fell by almost 35,000 ounces to 184,744 ounces, compared to the amount sold in Q4 of 2016.
This decrease in sales of the precious metal is a consequence of a recent government-implemented ban of mining exports, including gold and copper, in Tanzania.
Acacia’s chief executive officer Brad Gordon said: “We continue to engage with the Tanzanian government in order to be able to resume the export of gold/copper concentrate.”
Nonetheless, the company’s earnings jumped up by 25% to US$82 million, while net earnings equated to $27 million, compared to a $52 million loss recorded in Q1 of 2016.