JOHANNESBURG (miningweekly.com) – London-listed Acacia Mining, formerly known as African Barrick Gold, has overshot its 2014 production guidance of between 650 000 oz and 690 000 oz to deliver 718 615 oz of gold in the year ended December 31 – a 10% increase on the prior year’s output.

Gold sales for the year were slightly below production, at 703 680 oz, while the average realised price reflected a decrease in the market price, dropping 9% to $1 258/oz for the 12 months.

The company posted preliminary all-in sustaining costs of $1 105/oz sold, which was at the bottom of its guidance range and 18% down on that of the 2013 fiscal year.

Acacia ended the year with a cash balance of $294-million.

CEO Brad Gordon said he was pleased with the company’s progress during the year, particularly during the critical fourth quarter.

“As a result of our continued cost discipline, we have delivered our ninth successive quarterly reduction in all-in sustaining costs and generated net cash flow of $7-million in the quarter.

“A 10% increase in the production of gold in the fourth quarter to 181 084 oz was driven by strong production at North Mara and the contribution of the new carbon-in-leach circuit at Bulyanhulu. The mine started to step up in the quarter and we remain focused on accelerating this as we move through 2015,” he commented.

Full-year gold production from the Tanzania-based Bulyanhulu, of 234 786 oz, was 18% higher than in 2013, mainly driven by a 4% increase in throughput, a 12% increase in headgrade owing to increased mine grades received from higher grade stopes, and 12 405 oz of production from reprocessed tailings.

On a full-year basis, total copper production of 5.3-million pounds from the operation was 9% higher than 2013, driven by a higher copper grade.

Gold production from the openpit Buzwagi mine, also in Tanzania, hit 210 063 oz in 2014 – 15% higher than that of 2013 owing to a 13% increase in grade and 5% higher recovery, offsetting the lower throughput.

At the nearby North Mara mine, gold production increased 7% year-on-year to 273 803 oz for the period under review.

“This was as a result of a 6% increase in throughput and a marginally higher recovery rate. Gold sold for the full year of 274 540 oz was 5% higher than 2013 and broadly in line with production,” Acacia outlined.

Acacia would release its preliminary results for the year on February 16.