October 8, 2018 / 6:59 AM / a month ago

UPDATE 1-Acacia Mining raises annual output target on better-than-expected Q3

(Adds details on forecast, background on mines)

Oct 8 (Reuters) - Gold miner Acacia Mining raised its full-year gold production target on Monday, as third-quarter production exceeded its expectations partly boosted by a 24 percent jump in output at its North Mara mine in Tanzania.

The UK-listed company raised its full-year target to be marginally higher than 500,000 ounces from an earlier forecast of 435,000 to 475,000 ounces, and said that it saw strong production across its three mines in north-west Tanzania.

Although quarterly output exceeded the company’s expectations, it was still down by nearly a third from the year-earlier period.

Acacia Mining, majority owned by Canada’s Barrick Gold , operates the Bulyanhulu, Buzwagi and North Mara mines in north-west Tanzania, where mining regulations have tightened over the past few years as the country looks to reap more revenue from the sector.

The company said gold production from North Mara rose to 89,287 ounces in the third quarter from 72,011 ounces in the year-earlier quarter, helped by a 21 percent rise in higher grade ores.

North Mara made up roughly 65.3 percent of the total gold production.

Gold sales in the quarter was 135,875 ounces, broadly in line with production, Acacia Mining said. (Reporting by Muvija M in Bengaluru; Editing by Bernard Orr, Amrutha Gayathri)

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