ACACIA MINING PLC Operations Update
16 September 2016 - 4:00PM
UK Regulatory
TIDMACA
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.
END
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