Acacia Mining Slips To Loss In Q2

Acacia Mining plc (ACA.L) reported that its net loss for the second-quarter was $19.12 million, compared to net income of $35.72 million in the prior year. Loss before tax for the quarter was $1.42 million, compared to profit of $53.54 million in the previous year.

Revenue grew to $176.87 million from $157.76 million last year.

Acacia said it has a cash flow based dividend policy where it aims to pay a dividend of between 15-30% of operational cash flow after sustaining capital and capitalised development but before expansion capital and financing costs. As a result of the uncertainty around the potential resolution of the disputes between the Company and the GoT and current liquidity requirements, the Board of Directors has not recommended the payment of an interim dividend.

The Group has delivered a strong operational performance in H1 2018. In achieving first half production of 254,759 ounces we are on track to achieve the top end of our guidance range of 435,000-475,000 ounces for 2018 and continue to demonstrate the resilience that we have built within our business. All gold produced in 2018 is expected to be in doré form and will not, therefore, be impacted by the current GoT export ban on concentrate.

The second-quarter gold production of 133,778 ounces, 36% lower than the second-quarter of 2017. Quarterly gold sales of 134,090 ounces, 5% higher than the prior year.

by RTTNews Staff Writer

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