Acacia lowers AISC, maintains positive net cash position in Q3
Lower realised gold prices and lower production resulted in gold miner Acacia Mining reporting an 11% year-on-year decrease in earnings before interest, taxes, depreciation and amortisation to $44.6-million for the third quarter, ended September 30.
The company reported revenue for the period of $165.6-million, which is 3%, or $5-million, lower than in the third quarter of 2017.
Net earnings were $11.9-million, or 2.9c apiece, which is 26% down from $16-million, or 3.9c apiece, reported in the third quarter of 2017.
However, the company expects to exceed the upper end of its full-year production guidance, which is set between 435 000 oz and 475 000 oz, with production now expected to be marginally in excess of 500 000 oz for the year, which should contribute to higher earnings.
Acacia produced 136 640 oz of gold in the third quarter, at an all-in sustaining cost (AISC) of $880/oz, which is 6% below the AISC in the third quarter of 2017, and 4% lower than the AISC in the second quarter of this year.
The company had a net cash position of $74-million as at September 30 – an increase of $11-million during the quarter.
“In line with our clear cost reduction strategy, we have also steadily reduced our costs throughout the year and are tracking towards the lower end of our AISC guidance range of $935/oz to $985/oz and cash costs of between $690/oz and $720/oz,” Acacia interim CEO Peter Geleta said on Friday.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation