LONDON–Acacia Mining PLC (ACA.LN) Friday swung to a pretax profit for the third quarter and said full-year gold production is now anticipated to be around 5% higher than the top end of the previous production guidance range due to continued strong performance.
The U.K.-listed miner, which operates three mines in Tanzania–Bulyanhulu, North Mara and Buzwagi–recorded a pretax profit of $80.8 million for the quarter ended Sept. 30, compared with a pretax loss of $14.6 million in the same period a year earlier, on revenue of $284.7 million and $192.7 million, respectively. The swing to pretax profit was attributed to increased gold sales and a higher net realized gold price.
Gold production for the quarter totaled 204,726 ounces compared with 163,888 ounces.
Previously, Acacia Mining aimed to produce between 750,000 ounces and 780,000 ounces of gold for the full-year at an all-in sustaining cost of $950-$980 an ounce. The all-in sustaining cost is now estimated to be towards the bottom of the guidance range.