Source - RNS
RNS Number : 9047K
Acacia Mining PLC
27 September 2016
 

27 September 2016

Acacia Mining plc

LSE:ACA

("Acacia" or the "Company")

Successful restart of operations at Bulyanhulu

 

Acacia is pleased to announce that it has resolved the previously disclosed issue of the overheating of the ball mill trunion bearing at Bulyanhulu and the process plant is now operating at normal throughput levels. The overheating was found to be due to flex in the trunion footplate which led to increased friction on the bearing. The issue has been resolved by stabilising and reinforcing the base of the footplate. Further work will be carried out during a planned plant shutdown in Q4 2016 with a full bearing housing replacement to be installed during 2017 to provide a life of mine solution.

As a result of the resumption of stable operation of the process plant and delivery of paste fill, we have recommenced stoping in the underground mine and our full year production guidance for Bulyanhulu remains unchanged. Furthermore, at a group level we continue to expect Q3 2016 production to be broadly in line with Q1 2016, with unchanged full year production guidance of at least 780,000 ounces of gold.

 

 

Enquiries

For further information, please visit our website: www.acaciamining.com or contact:

 

Acacia Mining plc

 

+44 (0) 20 7129 7150

Giles Blackham, Investor Relations Manager

 

 

Bell Pottinger

 

 

Daniel Thöle

+44 (0) 20 3772 2500

 

Market Abuse Regulation

This announcement contains inside information which is disclosed in accordance with Article 7 of EU Regulation 596/2014 (Market Abuse Regulation).

 

About Acacia Mining plc

 

Acacia Mining plc (LSE:ACA) is Tanzania's largest gold miner and one of the largest producers of gold in Africa. We have three producing mines, all located in north-west Tanzania: Bulyanhulu, Buzwagi, and North Mara and a portfolio of exploration projects in Tanzania, Kenya, Burkina Faso and Mali.

 

Our approach is focused on strengthening our three core pillars; our business, our people and our relationships, whilst continuing to invest in our future. Our name change from African Barrick Gold to Acacia in November 2014 reflected a new approach to mining, and an ambition to create a leading African Company.

 

Acacia is a UK public company headquartered in London. We are listed on the Main Market of the London Stock Exchange with a secondary listing on the Dar es Salaam Stock Exchange. Barrick Gold Corporation is our majority shareholder. Acacia reports in US dollars and in accordance with IFRS as adopted by the European Union, unless otherwise stated in this announcement.

 

 

 

Disclaimer and forward-looking statements

 

 

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of Acacia in any jurisdiction.

 

This announcement includes "forward-looking statements" that express or imply expectations of future events or results as opposed to historical facts. These statements include, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future production, operations, costs, projects, and statements regarding future performance. Forward-looking statements are generally identified by the words "plans," "expects," "anticipates," "believes," "intends," "estimates" and other similar expressions.

All forward-looking statements involve a number of risks, uncertainties and other factors, many of which are beyond the control of Acacia, which could cause actual results and developments to differ materially from those expressed in, or implied by, the forward-looking statements contained herein. Factors that could cause or contribute to differences between the actual results, performance and achievements of Acacia include, but are not limited to, changes or developments in political, economic or business conditions or national or local legislation or regulation in countries in which Acacia conducts - or may in the future conduct - business, industry trends, competition, fluctuations in the spot and forward price of gold or certain other commodity prices (such as copper and diesel), currency fluctuations (including the US dollar, South African rand, Kenyan shilling and Tanzanian shilling exchange rates), Acacia's ability to successfully integrate acquisitions, Acacia's ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, and to process its mineral reserves successfully and in a timely manner, Acacia's ability to complete land acquisitions required to support its mining activities, operational or technical difficulties which may occur in the context of mining activities, delays and technical challenges associated with the completion of projects, risk of trespass, theft and vandalism, changes in Acacia's business strategy and ongoing implementation of operational reviews, as well as risks and hazards associated with the business of mineral exploration, development, mining and production and risks and factors affecting the gold mining industry in general. Although Acacia's management believes that the expectations reflected in such forward-looking statements are reasonable, Acacia cannot give assurances that such statements will prove to be correct. Accordingly, investors should not place reliance on forward-looking statements contained in this announcement.

Any forward-looking statements in this announcement only reflect information available at the time of preparation.  Save as required under the Market Abuse Regulation or otherwise under applicable law, Acacia explicitly disclaims any obligation or undertaking publicly to update or revise any forward¬-looking statements in this announcement, whether as a result of new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast or estimate and no statement made should be interpreted to mean that Acacia's profits or earnings per share for any future period will necessarily match or exceed the historical published profits or earnings per share of Acacia.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCSEISIWFMSEEU

Related Charts

Acacia Mining (ACA)

+11.70p (+2.97%)
delayed 18:15PM