February 14, 2017 / 7:18 AM / 6 months ago

Acacia Mining sees 40 percent boost from mine extension

LONDON, Feb 14 (Reuters) - Tanzanian gold producer Acacia Mining said 2017 production would be lifted 40 percent by a mine life extension at Buzwagi following a strong 2016 when EBITDA (earnings before interest, tax, depreciation and amortisation) more than doubled.

"2016 was another successful year for Acacia as we delivered record production, reduced our all-in sustaining costs by 14 percent and more than doubled our net cash position," Brad Gordon, chief executive of Acacia Mining, said.

For the coming year, the company said in a statement, a six-month extension of mining at Buzwagi will lead to a 40 percent output increase versus 2016. (Reporting by Barbara Lewis; Editing by Susan Fenton)

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