Feb. 11, 2019, 3:14 a.m. EST

Acacia Mining swings to profit in 2018

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By Oliver Griffin

Acacia Mining PLC (ACA.LN) on Monday reported a swing to net profit in 2018 after booking fewer impairment charges during the full year.

The gold miner made a profit of $58.9 million compared with a net loss of $707.4 million in 2017.

Revenue fell 12% to $663.8 million, Acacia Mining said. The company reported pretax profit of $96.8 million after a loss of $709.7 million in the previous year.

In 2018, the company had total impairment charges of $28.9 million compared $850.2 million in 2017, when it booked a one-off charge of $632 million at its Bulyanhulu operation in Tanzania.

The company said its operating environment became increasingly challenging in 2018. Barrick Gold Corp. (ABX.T) -- which owns a 64% stake in the company--remains in negotiations with the government of Tanzania, it said. Acacia Mining continues to wait for a proposal regarding a resolution with Tanzania's government, it said.

The company said it expects gold production in a range of 500,000-550,000 ounces for the full year in 2019.

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