Acacia to go underground

ACACIA Mining, which changed its name from African Barrick Gold yesterday, would apply for permits to begin underground mining at its North Mara mine in Tanzania. The company, unveiling its long-term strategy, said the project was expected to produce 450 000 ounces of gold over a five-year mine life at an all-in sustaining cost (AISC) of under $750 (R8 220) per ounce. AISC includes production and exploration expenses. Acacia said it expected underground production from the Gokona pit at North Mara to begin in the first half of next year. It had also signed an exploration joint venture with Canada’s Sarama Resources to work on the South Houndé Project in Burkina Faso. – Reuters