Acacia Mining plc. (ACA.L) reported Friday that its third-quarter net earnings declined to $16 million or 3.9 cents per share from $53 million or 12.9 cents per share a year ago.
Adjusted net earnings were $35 million, down 32% from the prior year.
EBITDA was $50 million, 60% lower than last year, mainly due to the lower sales, while adjusted EBITDA was $77 million.
Third-quarter revenue were $171 million, 40% lower than $284.70 million a year ago, impacted by the ban on concentrate exports, resulting in the loss of gross revenue during the quarter of approximately $90 million
Gold production of 191,203 ounces fell 7%, and gold sales of 132,787 ounces were lower than last year.
Brad Gordon, Chief Executive Officer of Acacia Mining, said, "Our business has continued to be resilient in the face of the challenges in Tanzania and delivered production of 191,203 ounces during the quarter at all-in sustaining costs of US$939 per ounce sold."
Separately, the company provided further update on discussions in Tanzania. The Government of Tanzania and Barrick Gold Corp., Acacia's majority shareholder, hosted a press conference in Tanzania to provide an update on their ongoing discussions.
Acacia noted the further Barrick release of October 19 which provides additional details regarding the framework agreement signed by Barrick and the GoT. Acacia said it continues to seek further clarification and as yet no formal proposal has been put to Acacia for consideration. Any proposal agreed in principle between Barrick and the Government will require Acacia's approval, and Acacia will consider any agreement once it receives the full details.
For comments and feedback contact: editorial@rttnews.com
Business News