24 March 2017
Acacia Mining
plc
LSE:ACA
(“Acacia” or the “Company”)
Update on the
export of metallic mineral concentrates
Acacia would like to provide an update on the impact of the
Government directive published on 3rd March which
prevents the export of gold/copper concentrate from Tanzania. Since the announcement we have been
engaging with key Government officials and other stakeholders in an
attempt to have the directive lifted. To date there has not yet
been a change in the situation.
Acacia is a long term investor in Tanzania and we are fully committed to
supporting local businesses. To this end we have offered to support
and partner with the Government in a new study by third party
experts to assess the economic potential of building of a smelter
in Tanzania capable of processing
our concentrate.
At Bulyanhulu and Buzwagi the combined direct impact of the
current directive is the average daily loss of revenues of more
than US$1 million per day. We are
taking a range of actions to help manage this financial impact,
whilst ensuring we continue to safely operate the mines.
The mines are continuing to operate as normal and as a minimum
have sufficient capacity to be able to place gold/copper
concentrate into containers on site beyond the end of April.
However, prior to reaching this point, during April we will
reassess how long we can continue to produce as normal if the ban
remains in place and what other measures may be necessary. Up to
that point we will focus on engaging with the relevant authorities
in Tanzania with a view to
resolving the stoppage of the export of gold/copper concentrate and
other related issues as soon as possible.
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
Bell Pottinger +44 (0) 20 3772 2500
Lorna Cobbett
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.
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 is for information purposes only and does not
constitute an invitation or offer to underwrite, subscribe for or
otherwise acquire or dispose of any securities of Acacia in any
jurisdiction.
This announcement includes “forward-looking statements” that
express or imply expectations of future events or results as
opposed to historical facts. These statements include, 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 herein.
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 and 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 as may be required
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 its historical published profits or
earnings per share.