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Acacia Mining Q1 Gold Production Down; Says On Track To Achieve Production View

Acacia Mining plc (ACA.L) reported that its gold production for the first-quarter declined 13% to 104,899 ounces from the prior year period mainly due to lower production at North Mara and Buzwagi. Gold ounces sold for the quarter of 104,985 ounces were in line with production.

The company said it remains on track to achieve gold production guidance for the year of 500,000 to 550,000 ounces.

At North Mara, gold production for the first-quarter of 66,324 ounces was 14% lower than the prior year of 76,769 ounces, mainly driven by the consequences of a fall of ground in the Gokona underground mine at the end of December 2018 as well as an excavator breakdown in the Nyabirama open pit.

Buzwagi gold production of 28,577 ounces for the quarter was 20% lower than the prior year of 35,685 ounces but in line with expectations as a result of the mine having fully transitioned to a lower grade stockpile processing operation.

The company stated that it will release its 2019 first quarter results on 25 April 2019.

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