Acacia Mining increased production 6% in first half
Staff writer ▼ | July 28, 2015
Acacia Mining plc reported interim 2015 results. The group delivered production of 367,301 ounces in the first half, an increase of 6% on H1 2014.Article continues below
“Over the first half of 2015 we made further progress at each of our mines, with a particular focus on laying the foundations for the future at Bulyanhulu and North Mara which will ensure that we are in a position by the end of 2015 to generate strong cashflow at and below the current gold price.†said Brad Gordon, chief executive officer of Acacia.
“Production at Bulyanhulu increased by 26% over H1 2014, as well as by 16% in Q2 2015 compared to Q1 2015, and we expect further production increases in the second half as we benefit from our investment in the mine; whilst at North Mara we delivered first stoping ore from the Gokona Underground project ahead of schedule in Q2 2015.
"As a group we delivered production of 367,301 ounces in the first half, an increase of 6% on H1 2014.
"Our all-in sustaining costs of $1,133 per ounce sold were 1% higher than H1 2014, principally as a result of investing in the growth of Bulyanhulu and North Mara. As this production is delivered and we continue to drive cost efficiencies; we anticipate that unit costs will decline over the remainder of the year.
"As a result, we continue to expect our production and costs to be within our guidance range as communicated earlier this year.†■ What to read next
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