July 20, 2018 / 6:25 AM / 3 months ago

Acacia Mining reports fall in H1 earnings but generates cash

LONDON, July 20 (Reuters) - Acacia Mining said on Friday reported a fall in first-half core earnings but managed to generate cash due to strong operational performance at its mines in Tanzania.

The London-listed miner said earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to $133.6 million from $161 million a year earlier.

Acacia, majority owned by Barrick Gold, generated free cash flow of $14 million in the second quarter for the first time since 2016, the company said.

Tanzania, where Acacia has all of its operating mines, has introduced sweeping changes to its mining industry including banning the export of raw minerals and introducing laws to reap more revenue from the sector.

The all-in sustaining cost of producing an ounce of gold, an industry benchmark, rose 6 percent to $945 per ounce, Acacia reported.

Reporting by Zandi Shabalala; editing by Jason Neely

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