Company News

Acacia Mining posts lower Q1 earnings, maintains FY targets

LONDON, April 19 (Reuters) - Acacia Mining on Thursday posted a fall in first quarter earnings after reducing operations at its flagship gold mine but stuck to its full-year production and costs targets.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the three months to March 31 fell to $44 million from $82 million a year earlier.

Acacia, a unit of Canada’s Barrick Gold and Tanzania’s largest gold miner, is caught up in a tax dispute with the government that forced it to reduce operations at its flagship mine last year.

Gold production fell to 120,981 ounces, down 45 percent from the same quarter a year earlier, mainly due lower output at Bulyanhulu.

Reporting by Zandi Shabalala; editing by Jason Neely