LSE-listed Acacia Mining exceeded its 2018 production guidance of up to 475 000 oz, delivering 521 980 oz of gold.
Interim CEO Peter Geleta on Monday said this was despite a challenging operating environment.
The company had focused on stabilising the business in 2018, with measures including a return to free cash flow generation in the second quarter, which helped to end the year off with a net cash balance of $88-million.
The company produced 130 581 oz of gold in the fourth quarter, which was 12% lower than that of the fourth quarter of the prior year, owing to the transitioning of Buzwagi to a stockpile processing operation.
However, this was offset by higher gold production at North Mara and Bulyanhulu.
Although yearly production was ahead of expectation, Geleta pointed out that it was still 32% lower than that of the prior year, owing to the transition to reduced operations at Bulyanhulu and the stockpile processing at Buzwagi.
Nonetheless, 2018 production benefitted from the higher-grade ore received from the Nyabirama openpit at North Mara, the extension of mining of the final cut of the higher-grade ore at the bottom of the pit and switchbacks at Buzwagi, coupled with a better-than-expected performance from the Buzwagi processing plant.
North Mara’s gold production was 84 079 oz for the fourth quarter, which was 17% higher than the 72 018 oz produced in the fourth quarter of 2017.
Buzwagi produced 35 880 oz in the fourth quarter – a 51% year-on-year decrease.
Bulyanhulu produced 10 622 oz gold for the quarter, which is above the prior year’s fourth quarter production of 2 855 oz.
Acacia will release its financial results and 2019 guidance on or around February 11.