July 6, 2018 / 6:57 AM / a year ago

Acacia sees 2018 production at top end of guidance range

July 6 (Reuters) - Gold miner Acacia Mining Plc said on Friday it expected 2018 production to come in at the top end of this year’s reduced target of 435,000-475,000 ounces.

Acacia, a unit of Canada’s Barrick Gold and Tanzania’s largest gold miner, said first half production fell more than 40 percent to 254,759 ounces from a year earlier.

It produced 133,778 ounces of gold in the second quarter, down 36 percent on a year ago due to a scaling back of operations at its flagship Bulyanhulu mine.

It sold marginally more ounces of gold than it produced in the quarter, helped by the timing of some shipments.

Tanzania is making sweeping changes to its mining industry to reap more benefits from its minerals and last year slapped Acacia, its biggest gold miner, with a $190 billion bill in unpaid taxes, penalties and interest.

Acacia said in June Barrick Gold would not provide a new deadline for the completion of talks to end the dispute after failing to meet a mid-year target to do so.

The guidance of between 435,000-475,000 ounces for this year represents a cut of at least 38 percent compared to 2017. (Reporting by Arathy S Nair in Bengaluru)

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