16 September 2016
Acacia Mining
plc
LSE:ACA
(“Acacia” or the “Company”)
Operations
Update
During the third quarter, Acacia undertook a planned two-week
shutdown of the vertical shaft at Bulyanhulu to refurbish and
modernise the production and service winders. In parallel with
this, we undertook a programme of works on the process plant over a
similar time frame.
The planned maintenance was concluded successfully and we
recommenced full scale hoisting in early September, however we have
not been able to run the plant consistently since the shutdown due
to repeated overheating of the ball mill trunnion bearing. A team
of specialists is working with personnel on site in order to
establish the root cause of the problem and a timeline for resuming
normal operations.
Whilst the plant has been down, we have built a surface
stockpile of 11,300 ounces, with a further 7,400 ounces in
stockpiles underground. We have put stoping operations on hold
until the plant is running and providing consistent paste fill. The
treatment of reclaimed tailings will continue, as will underground
development and drilling activities.
Due to strong performance quarter to date at North Mara, we
continue to expect Q3 production to be broadly in line with Q1
2016, as guided at the interim results. At this stage, full year
guidance for both Bulyanhulu and Acacia remain unchanged and we
will update the market as appropriate.
ENQUIRIES
For further information, please visit our website:
http://www.acaciamining.com/ or contact:
Acacia Mining plc |
+44 (0) 20 7129 7150 |
Giles Blackham, Investor
Relations Manager
Bell Pottinger |
+44 (0)20 3772 2500 |
Daniel Thöle
About Acacia Mining plc
Acacia Mining plc (LSE:ACA) is Tanzania’s largest gold miner and
one of the largest producers of gold in Africa. We have three producing mines, all
located in north-west Tanzania:
Bulyanhulu, Buzwagi, and North Mara and a portfolio of exploration
projects in Tanzania, Kenya, Burkina
Faso and Mali.
Our approach is focused on strengthening our three core pillars;
our business, our people and our relationships, whilst continuing
to invest in our future. Our name change from African Barrick Gold
to Acacia in November 2014 reflected
a new approach to mining, and an ambition to create a leading
African Company.
Acacia is a UK public company headquartered in London. We are listed on the Main Market of
the London Stock Exchange with a secondary listing on the Dar es
Salaam Stock Exchange. Barrick Gold Corporation is our majority
shareholder. Acacia reports in US dollars and in accordance with
IFRS as adopted by the European Union, unless otherwise stated in
this announcement.
Disclaimer and forward-looking
statements
This announcement includes
“forward-looking statements” that express or imply expectations of
future events or results. Forward-looking statements are statements
that are not historical facts. These statements include, without
limitation, financial projections and estimates and their
underlying assumptions, statements regarding plans, objectives and
expectations with respect to future production, operations, costs,
projects, and statements regarding future performance.
Forward-looking statements are generally identified by the words
“plans,” “expects,” “anticipates,” “believes,” “intends,”
“estimates” and other similar expressions.
All forward-looking statements involve a number of risks,
uncertainties and other factors, many of which are beyond the
control of Acacia, which could cause actual results and
developments to differ materially from those expressed in, or
implied by, the forward-looking statements contained in this
announcement. Factors that could cause or contribute to differences
between the actual results, performance and achievements of
Acacia include, but are not limited to, changes or developments
in political, economic or business conditions or national or local
legislation or regulation in countries in which Acacia
conducts - or may in the future conduct - business, industry
trends, competition, fluctuations in the spot and forward price of
gold or certain other commodity prices (such as copper and diesel),
currency fluctuations (including the US dollar, South African rand,
Kenyan shilling and Tanzanian shilling exchange rates),
Acacia’s ability to successfully integrate acquisitions,
Acacia’s ability to recover its reserves or develop new
reserves, including its ability to convert its resources into
reserves and its mineral potential into resources or reserves, and
to process its mineral reserves successfully and in a timely
manner, Acacia‘s ability to complete land acquisitions
required to support its mining activities, operational or technical
difficulties which may occur in the context of mining activities,
delays and technical challenges associated with the completion of
projects, risk of trespass, theft and vandalism, changes in
Acacia‘s business strategy including, the ongoing implementation
of operational reviews, as well as risks and hazards associated
with the business of mineral exploration, development, mining and
production and risks and factors affecting the gold mining industry
in general. Although Acacia‘s management believes that the
expectations reflected in such forward-looking statements are
reasonable, Acacia cannot give assurances that such
statements will prove to be correct. Accordingly, investors should
not place reliance on forward-looking statements contained in this
announcement.
Any forward-looking statements in this announcement only
reflect information available at the time of preparation. Save as
required under the Market Abuse Regulation or otherwise under
applicable law, Acacia explicitly disclaims any obligation
or undertaking publicly to update or revise any forward-looking
statements in this announcement, whether as a result of new
information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast or estimate
and no statement made should be interpreted to mean that
Acacia‘s profits or earnings per share for any future period
will necessarily match or exceed the historical published profits
or earnings per share of Acacia.