Acacia mining has raised the full-year gold production target of the company after a strong quarter in Tanzania.
The gold miner increased its full-year target to just more than 500,000 ounces from its original 435,000-475,000 ounces guidance following the reporting of “strong” production in its three mines that are located in Tanzania.
The production at its North Mara mine was up by 24 percent during the third quarter of last year to 89,287 ounces.
Earlier this year, gold production had dropped because of an ongoing ban on metal concentrate exports which were imposed by the government of Tanzania which forced the company to scale back on its operations.
Its mines at Bulyanhulu and Buzwagi were down on last year’s production, however, the company said that the performance of the company across all three sites was above the expectations of the management.
The overall production for the three sites amounted to 136,640 ounces. It was down by 29 percent in the same period during the previous year.
The shares in the London-listed firm rose by 4 percent last Monday after its published its production results. The company is majority-owned by Canada’s Barrick Gold.
Peter Geleta, the interim chief executive of the firm, stated: “We are very pleased to report a strong operational performance for the year to date, delivering 391,000 gold ounces in the nine months to the end of September.”
He said that the company anticipated to “exceed the upper end” of its full-year production range and would now be targeting marginally more than 500,000 ounces.