July 8, 2019 / 6:46 AM / 3 months ago

Acacia's Q2 production jumps 19% on higher output from Tanzania mine

(Reuters) - Acacia Mining ACAA.L on Monday reported a 19% jump in gold production for the second quarter as output from its Tanzania mine improved, adding pressure on majority shareholder Barrick Gold (ABX.TO) to revise its buyout proposal.

The miner, which has previously said that Barrick’s buyout offer undervalues it, said overall gold production was 158,774 ounces for the period ended June, aided by a 39% surge in output from its Gokona Mine in North Mara, Tanzania.

Acacia also reiterated it annual production guidance of 500,000 ounces to 550,000 ounces. The company last week reported a 13% rise in gold reserves at the end of May for its Gokona Mine.

Reporting by Pushkala Aripaka in Bengaluru; Editing by Arun Koyyur

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