Loading ...Embattled Acacia Mining ends painful year with $700-million loss
Acacia Mining (LON:ACA), Tanzania’s No.1 bullion producer, has scrapped its 2017 dividend after a long-running dispute with the government of the East African nation cost the company $700 million in annual loss.
The company, majority owned by Barrick Gold (TSX, NYSE:ABX), also said its gold output would drop in 2018 as a result of the ongoing ban on exports of metal concentrate, which represent about a third of Acacia’s output.
Delivering preliminary 2017 results, Acacia noted that full-year earnings before interest, tax, depreciation and amortisation (EBITDA) plunged 38% to $257 million, as it had to take a $644 million impairment charge.
cont. http://www.mining.com/embattled-acacia-mining-ends-painful-year-700-million-loss/