16 April 2019

Tanzania: Acacia Quarterly Gold Output Slips By 13 Per Cent

Dar es Salaam — Acacia mining reported 13 per cent fall in quarterly gold production during the first quarter of 2019, following lower output at North Mara and Buzwagi mines.

The company quarterly report issued today April 16, shows that gold production for the first quarter of 2019 was 104,899 ounces, lower than at 120,981 ounces recorded during similar period last year.

"We achieved gold production of 104,899 ounces for the first quarter of the year. While historically our production is typically stronger in the second half of the year, production this quarter was impacted by unanticipated production issues at our North Mara mine," said Peter Geleta, Interim Chief Executive Officer.

He added: We have taken immediate steps to address these, introducing a revised mining plan in mid-March for both the underground and open pit mines, and we remain confident of delivering against our full year production guidance of 500,000 to 550,000 ounces. I would also like to thank our people for their commitment during these times of uncertainty."

He said in order to address these issues, North Mara began working to a revised mining plan from mid-March 2019, with new mine sequencing for both the open pit and underground mines targeting higher grades and increased volumes supported by additional equipment, as well as initiatives to improve recovery rates in the process plant and asset reliability.

"In particular, the focus on increased volumes from the open pit should allow faster access to the main higher-grade ore body, while the revised mine sequencing in the underground mine is designed to ensure smoother transitioning between stops and improved productivity," he said.

With these initiatives already underway, Mr Getella said the company remains on track to achieve its group production guidance for the year of 500,000 to 550,000 ounces.

Through the quarter, Acacia says has continued to engage with and provide support to Barrick in its direct negotiations with the Government of Tanzania

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