Modern Mining July 2018

MINING News

The processing plant at the Bulyanhulu gold mine. Bulyanhulu is an underground mine but all current gold production is from the retreatment of tailings as a result of the move to reduced operations at the mine in late 2017 (photo: Acacia). Acacia turns in strong Q2 operating performance

At Bulyanhulu, all gold production continued to be from the retreatment of tailings as a result of the move to reduced operations at the mine in late 2017. As a result, gold production for the quar- ter amounted to 10 443 ounces, 82 % below Q2 2017’s overall production result (59 196 ounces), but 18 % higher than production from tailings retreatment in Q2 2017 (8 856 ounces). “In achieving first half production of 254 759 ounces, we are on track to achieve the top end of our guidance range of 435 000-475 000 ounces for 2018 and con- tinue to demonstrate the resilience that we have built within our business,” says Peter Geleta, Acacia’s Interim CEO. Acacia has been in dispute with the Tanzanian government over a ban on the export of metallic mineral concentrates and tax assessments. In September last year it announced its intention to move to reduced operations at Bulyanhulu. In its results for 2018, released in February this year, Acacia said that it had unsold concentrate containing 185 800 ounces of gold, 12,1 million pounds of copper and 158 900 ounces of silver stockpiled in Tanzania. Negotiations between Acacia and the Tanzanian government to resolve the disputes are ongoing. 

LSE-listed Acacia Mining, which operates the Bulyanhulu, North Mara and Buzwagi gold mines in north-west Tanzania, has reported what it describes as ”another strong operating performance” in the sec- ond quarter of 2018, delivering a total gold production of 133 778 ounces. Group gold production for the quarter of 133 778 ounces was a 36 % decrease on Q2 2017 (208 533 ounces), primarily driven by the move to reduced operations at Bulyanhulu and to stockpile processing at Buzwagi. Gold ounces sold for the quar- ter of 134 090 ounces were slightly above

Management, and is currently working on his Doctoral studies, is a full-time resident of Zimbabwe and a Zimbabwean national with over 25 years’ experience in the min- ing industry. Of this, more than 22 years has been focused on diamond mining both in Zimbabwe and internationally, including 11 years with Debswana, the joint ven- ture company between De Beers and the Government of Botswana. More recently, Mabhudhu has served as CEO of government-owned Zimbabwe Con­ solidated Diamond Company (Pvt) Ltd and as CEO of Marange Resources (Pvt) Ltd.  gold produced for the quarter as a result of the timing of shipments. At North Mara, gold production for the quarter of 85 920 ounces was 3 % higher than Q2 2017 (83 110 ounces) mainly due to 4 % higher head grades compared to Q2 2017, driven by higher grades from Gokona Underground. At Buzwagi, gold production of 37 415 ounces for Q2 2018 was 44 % lower than in Q2 2017 (66 227 ounces) as a result of production now being derived solely from lower grade ore stockpiles due to the effec- tive completion of the open pit.

Diamond expert joins board of Vast Resources Vast Resources, the AIM-listed mining com- pany with operating mines in Romania and Zimbabwe, has appointed Mark Mabhudhu, a prominent figure in the Zimbabwean diamond industry, to the board of Vast’s wholly owned subsidiary, Vast Resources Zimbabwe (Private) Limited. Mabhudhu’s appointment is in line with Vast’s updated strategy to increase its footprint in Zimbabwe, seeking new opportunities and revitalising historic claims.

Mabhudhu, who has a BSc (Hons) degree in metallurgical engineering, an MBA, an MPhil in Information & Knowledge

6  MODERN MINING  July 2018