Africa-focused gold miner Acacia Mining has increased its full-year production guidance to more than 500 000 oz, from between 435 000 oz and 475 000 oz previously, owing to strong production of 391 000 oz gold in the nine months ended September 30.
Acacia interim CEO Peter Geleta stated on Monday that the company achieved gold production for the third quarter of 136 640 oz, which was 29% lower than the third quarter of 2017 at 191 203 oz, primarily owing to the move to reduce operations at Bulyanhulu and also owing to stockpile processing at Buzwagi.
However, this was offset by 24% higher year-on-year gold production at North Mara of 89 287 oz, which was driven by higher head grades received from the eastern part of the Nyabirama openpit.
At Buzwagi, gold production of 36 460 oz in the third quarter was 47% lower than the 69 097 oz produced in the third quarter of the prior year, as a result of the mine transitioning to a lower-grade stockpile processing operation in line with its remaining life-of-mine plan.
The final cut of higher-grade ore remaining at the bottom of the pit was mined during the quarter, resulting in slightly higher-than-expected production.
Bulyanhulu produced 10 893 oz for the quarter, which is 78% lower than the 50 094 oz produced in the third quarter of 2017. During the quarter under review, all production continued to be produced from the retreatment of tailings as a result of the underground mine being placed on reduced operations in late 2017.
Acacia, which sold 135 875 oz of gold in the third quarter, will release its full results on October 19.