Acacia Mining reported a slump in underlying core earnings as it struggled with production issues at its North Mara gold mine in Tanzania.
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) slipped to $24 million for the three months ended March 31, from $44 a year earlier.
Gold production dropped 13 per cent to 104,899 ounces during the quarter, as a fall of ground in the North Mara Gokona underground mine prevented access to higher-grade stopes, the company said.
The miner is also struggling with a long-running tax dispute in Tanzania where it operates all its mines. It has cut output by a third since the government banned the export of mineral concentrates in 2017.
However, the company stood by its production target for the rest of the year.
