Tanzania row overshadows Acacia's upbeat results
Miner back into profit after beating forecasts for production and costs in 2018
London — Acacia Mining beat forecasts on Monday with figures for production and costs in 2018 that lifted the gold miner back into profit, but the company is still grappling with a long-running tax dispute in Tanzania where it operates all its mines. The share price of Acacia, majority owned by Barrick Gold Corp, was steady while the rest of the market rose, finding little impetus despite reporting gold output of 521,980oz at a cost of $905/oz. Both figures were lower than 2017 but ahead of expectations. “Financials for Acacia remain somewhat of a sideshow due to the ongoing negotiations between parent Barrick and the government of Tanzania,” said RBC analyst James Bell. The stock is still up more than 50% since September when Barrick said it was buying Randgold Resources and when Mark Bristow was named as CEO, taking over as head of the merged entity from January. Acacia’s gains were fuelled by expectations that Bristow, who has broad Africa experience, could reach a deal with Tanz...
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