By Oliver Griffin
Acacia Mining said Friday that gold production in the second quarter dropped 36% on year as the effect of an export ban in Tanzania continues to weigh on performance.
In a production update for the three months ended June 30, the gold miner said that group gold production fell to 133,759 ounces from 208,533 ounces in the second quarter of 2017.
Acacia has been hit by an export ban on metal concentrates in Tanzania imposed by the country's government last year. The company has been made to sit on the sidelines while majority shareholder Barrick Gold Corp negotiates with the government to bring the export ban to an end. However, a definitive agreement still hasn't been reached.
Acacia said it sold 134,090 ounces of gold in the quarter, higher than the amount of gold produced due to the result of shipment timings.
The company said that first-half gold production of 254,759 ounces shows it is on track to meet the top end of its production guidance range of 435,000 ounces to 475,000 ounces of gold in 2018.
Write to Oliver Griffin at [email protected]