July 21, 2017 / 6:27 AM / in 3 years

Acacia Mining aims for lower end of FY guidance after tough H1

LONDON, July 21 (Reuters) - Acacia Mining is targeting the lower end of its production guidance for the year after its first-half results were hit by Tanzania’s ban on the export of its concentrates, the gold miner said on Friday.

Majority owned by Barrick Gold, Acacia was forced to stop shipments of its ore after a ban was imposed in March.

It reported a 22 percent fall in first-half revenue to $392 million and its cash balance fell by 80 percent to $176 million.

The company said it would aim for the lower end of its 2017 production target of 850-900,000 ounces of gold.

Reporting by Zandi Shabalala; editing by Jason Neely

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