Acacia Mining plc (formerly African Barrick Gold plc) is Tanzania's largest gold producer and one of the five largest gold producers in Africa. It has four mines, all located in Northwest Tanzania, and several exploration projects at various stages of development in Tanzania and Kenya. It has a high-quality asset base, solid growth opportunities and a clear strategy of: * driving operating efficiencies to optimise production from our existing asset base; * growing through near mine expansion and development of advanced-stage projects; and * organic greenfield growth and acquisitions in Africa.

Links...
Company Web Sitehttp://www.acaciamining.com/

Company Calendar http://www.acaciamining.com/investors/financial-calendar.aspx

Former Thread as African Barrick Gold http://www.moneyam.com/InvestorsRoom/posts.php?tid=14880#lastread thanks to Harry for giving go ahead to swap to new name.

MONEY WEEK.

Acacia Mining output exceeds guidance
16/01/2015

Acacia Mining saw further progress in the fourth quarter resulting in full year production of 718,651 ounces, ahead of its original guidance and a 13% improvement on 2013.


Chief executive Brad Gordon said: “As a result of our continued cost discipline we have delivered our ninth successive quarterly reduction in all-in sustaining costs (AISC) and generated net cash flow of US$7 million in the quarter.

“During Q4 2014 we produced 181,084 ounces of gold, an improvement of 10% on the same period in 2013, driven by strong production at North Mara and the contribution of the new CIL circuit at Bulyanhulu. Bulyanhulu started to step up in the quarter and we remain focused on accelerating this as we move through 2015.”

Highlights

* Q4 2014 gold production of 181,084 ounces and gold sales of 194,243 ounces

* Preliminary Q4 2014 AISC1,2 of US$1,088 per ounce sold, 6% lower than Q4 2013 and 1% down on Q3 2014

* Preliminary Q4 2014 cash cost of US$744 per ounce sold, 4% lower than Q4 2013


* Full year 2014 production of 718,651 with full year sales of 703,680, 4% above the upper end of our initial production guidance of 650,000-690,000 ounces

* Preliminary full year 2014 AISC1,2 of US$1,105 per ounce sold, at the bottom of our guidance range, and 18% down on 2013

* Preliminary full year cash cost of US$732 per ounce sold, 10% down on 2013, and below our guidance range

* Cash balance increased by US$7 million during the quarter to end the year at approximately US$294 million

London’s leading gold forecaster: gold to average $1321 in 2015
By Tom Winnifrith | Saturday 17 January 2015

Over the past 15 years Ross Norman of Sharps Pixley has been the forecaster with the best record in the LBMA for predicting gold price moves so you should take his gold price forecasts seriously. Ross writes, "We are going out on a limb this year." Indeed.

AVERAGE : $1321

HIGH : $1450

LOW : $1170

If markets move on what you don't know today, but will know tomorrow then it follows that many factors such as a US interest rate rises should already be factored into the current price... it also begs the question what the new drivers for 2015 will be. We see ongoing declines in economic growth prompting central banks to fight deflation by resorting to inflationary pressures in H2.

If our outlook for gold in dollar terms is bullish, in emerging currencies it may be even more so as investors seek to insure or hedge against currency debasement. As such, we foresee good demand for the physical.

Most annoyingly for bulls in 2014, gold exhibited 'rally fade' despite a global economy that was as fragile as ever. Our forecast is predicated on gold becoming price inelastic (as it was in the early 2000's) and able to sustain the momentum. I say annoyingly because arguably never before have savers potentially so needed an asset with the wealth preservation qualities that gold provides ... yet the price performance these last few years has disappointed.

In short, we see gold demonstrating that it has turned a corner and investor flows return with a vengeance, aided by short covering and fresh longs in the futures markets. Perhaps most disappointingly though we are unlikely to see runaway prices beyond the $1450 level without either significant new product innovations or without the sort of black swan events in the economy that few of us would wish for.

SILVER

AVERAGE : $18.56

HIGH : $21.75

LOW : $14.50

With a firm outlook for gold, it follows that our expectations for silver would be similar ... and a little more so... such is silver's propensity to follow gold in a exaggerated fashion. Investors will take comfort from

silver ETF holdings which have remained firm (unlike gold) coupled with retail sales of the physical coins and bars which have remained robust.

Even mine production looks set for a modest decline back to levels last seen in 1999. With 75% of silver being produced as a by-product of base metals mining, the weaker global economy may well prompt some cut-backs in mining those host metals. Equally, demand from industrial applications will be correspondingly weaker, but investors (... or more likely speculators) are normally on hand to fill the void.

Like gold, silver does seem to struggle to sustain momentum to the upside as it experiences 'rally fade' for this reason we do not see the likelihood of runaway prices just yet.

Gold miners are starting to look good again – but expect a rough ride

By: Dominic Frisby
14/01/2015

http://moneyweek.com/gold-miners-look-good-again-but-expect-a-rough-ride/

CHARLES STANLEY BROKERS

Commodities

Gold (1279.81) – the surge in the gold price continues, aided by the Swiss currency move
(the Swiss are widely seen as buyers of the precious metal) and by its safe-haven
characteristics. Last week’s 4.66% advance is notable for the fact that it resulted in a clear
move above the long-term downtrend and the extent of the break has changed the basis
somewhat, to the extent that further strength now appears to be a realistic expectation
(notwithstanding the fact that the price has become somewhat overbought of late). The next
upside target is last August’s intermediate high, at $1313 or so.

19 Jan 2015 Acacia Mining Plc... ACA Numis Buy 299.20 301.00 - 340.00 Reiterates

SP TARGET 340p

19 Jan 2015 Acacia Mining Plc... ACA Barclays Capital Overweight 299.20 301.00 - - Reiterates

Loads errrrrrr money doodlemug.

ACA UPGRADE..........

22 Jan 2015 Acacia Mining Plc... ACA Investec Buy 315.95 313.50 170.00 342.00 Upgrades

SP TARGET 342p.

23 Jan 2015 Acacia Mining Plc... ACA JP Morgan Cazenove Overweight 308.25 310.00 360.00 360.00 Reiterates

SP TARGET 360p

I know your in this one cynic and gf is ramping it over the road. He may have a point, noticed this is the third time rallied off RSI figure so worth a punt Long on the spreads @ 318p tight stop 308p.

Forgot to mention 25DMA bounce. Fingers crossed.

hi chris ..... i do indeed hold (in sipp), though i'm afraid i bought too early in the very recent cycle
however, i think the markets are in for a torrid time - and yes, i have been saying this for far too long - so precious metals should come back into their own

Let's hope so, never traded these before. Just need some volume, chart looks good.

LATEST BROKER VIEWS

Date Broker New target Recomm.
6 May Deutsche Bank N/A Buy
5 May Barclays... 340.00 Equal weight
25 Apr Numis 400.00 Add

Stop to entry for risk free trade.

19:03 yesterday (friday)
Acacia Mining Plc said on Friday it was in early talks about a possible merger with Canadian gold miner Endeavour Mining Corp .

Acacia, which operates mines and exploration projects in Tanzania, Kenya, Burkina Faso and Mali, was responding to media reports. ...
The company added that there was no certainty of a deal.

Endeavour also confirmed preliminary discussions had taken place with Acacia. ...

Acacia had a market value of 1.72 billion pounds ($2.10 billion) as of Jan. 12, while Endeavour had a market value of C$ 2.18 billion ($1.66 billion).

Endeavour bought True Gold Mining Inc for about C$240 million in March, giving it access to a low-cost gold mine in Burkina Faso. ...

======================

which is the target?

All very strange indeed .... no wonder sp collapsed



Response to the Ministry of Energy and Minerals press release regarding the
export of metallic mineral concentrates

Acacia notes today’s press release from the Ministry of Energy and Minerals
regarding a ban on exports of gold/copper concentrate following a directive
made by the President of the United Republic of Tanzania. In 2016, gold/copper
concentrate amounted to approximately 30% of group revenues. At this stage,
Acacia has ceased exports of gold/copper concentrate and is urgently seeking
further clarification from the Ministry of Energy and Minerals. We will
provide further updates as appropriate.

this stock continues to be hammered due to the Tanzanian sudden embargo on exporting gold and iron ore, and the potential merger with Endeavour Mining which must also be delayed or even at risk

nevertheless, at some point (no ideas where) the shares will start to be serious value, though of course there will need to be some reflection of the underlying bullion price and it's immediate prospects

the 5-year chart below indicates that sp could fall another 100p before it hits real support
however, i recollect that when sp started to rise sharply, it was following the announcement of the discovery of further large reserves, or somesuch ..... i'm too lazy and busy to check that at the moment

Looking through the Reuters press releases over the last six months, Tanzania seems to be in economic turmoil and finding it very hard to stamp out corruption and tax evasion. I think that things are going to get worse before they get better, judging by the amount of negative news outflow.

Just a sample:
Reuters - Feb 2 Tanzanian President John Magufuli vowed on Thursday to toughen up a crackdown on tax evasion by big businesses including mining companies as the east African nation moves to boost domestic revenues.

Africa's fourth-largest gold producer, Tanzania also has vast deposits of natural gas, coal, diamonds, uranium and gemstones.

While addressing members of the judiciary in Tanzania's capital Dar es Salaam, Magufuli ordered the courts to enforce payment of tax claims worth more than 7.5 trillion Tanzanian shillings from big firms.

Magufuli launched a crackdown on graft and tax evasion when he took office in 2015 and has sacked dozens of senior public officials. Some businesses, though, say they have been unfairly hit with high tax bills.

Big firms are the main source of tax revenue for the government because Tanzania has a large informal economy that goes untaxed.

"It is unacceptable that an investor is extracting our minerals but doesn't pay taxes. That investor was taken to court and lost both the case and the appeal, yet still refuses to pay the taxes," Magufuli said.

He said that 7.5 trillion Tanzanian shillings worth of taxes were still unpaid by various firms even after the government won tax claim cases against them in courts and that this was hurting the east African nation's economy.

Magufuli asked Tanzania's judiciary to help stem corruption in the country, saying it was denying citizens access to justice.

"Some 28 magistrates were prosecuted (in Tanzania) last year for various criminal offences, mostly corruption, but all 28 of them were acquitted," said Magufuli.

"It is hard to believe that all 28 of them were absolutely not guilty."

Businesses in Tanzania often cite widespread corruption as one of the biggest obstacles to investment in the country. (Reporting by Fumbuka Ng'wanakilala; Editing by Elias Biryabarema and Hugh Lawson)