Acacia warns of higher cash burn due to Tanzania mine closure

by Reuters 0

Gold producer Acacia Mining will likely burn $15-20 million in cash as it shuts down a mine in Tanzania due to a persistent ban on the export of concentrates, its chief executive said on Monday.

“Towards the back end of the year we’re going to see an acceleration of cash burn, probably beyond what we had expected for Q3,” CEO Brad Gordon said on a conference call.