Company News

Acacia Mining cuts Q3 spending on Tanzania export ban

LONDON, Oct 20 (Reuters) - Gold miner Acacia Mining said on Friday it had cut spending by 33 percent in the third quarter of the year compared with a year ago as it adapted to the ban on its gold and copper exports in Tanzania.

The London-listed company, Tanzania’s largest gold miner, said capital expenditure fell to $35.6 million in the three months to September.

The company said gold production for the quarter fell 8.3 percent to 191,203 ounces compared to the previous quarter, as it reported on Oct. 12.

On Thursday Acacia’s Canadian parent Barrick Gold said Acacia had agreed to pay Tanzania $300 million and split ‘economic benefits’ from operations with the government under a deal proposed to resolve the dispute. (Reporting by Zandi Shabalala in London and Sanjeeban Sarkar in Bengaluru; Editing by Greg Mahlich)