|Master Investor Magazine
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The share price of Acacia Mining (LON:ACA) fell 10.15% to 172.51p (as of 15:05 BST) after it announced that production in the last quarter dropped by 13%. This was largely due to a fall of ground and an excavator breakdown at the North Mara and Buzwagi sites. Sales were in line with production during the period.
Interim CEO Peter Geleta said: “We achieved gold production of 104,899 ounces for the first quarter of the year. While historically our production is typically stronger in the second half of the year, production this quarter was impacted by unanticipated production issues at our North Mara mine. We have taken immediate steps to address these, introducing a revised mining plan in mid-March for both the underground and open pit mines, and we remain confident of delivering against our full year production guidance of 500,000 to 550,000 ounces. I would also like to thank our people for their commitment during these times of uncertainty“,
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