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Capital Drilling Plc

Acacia Mining posts $59m profit for 2018

Tanzania-based mining company Acacia returned to profitability in 2018, posting net earnings of $59 million after a net loss of $707 million the previous year.

The London-listed company said its revenue last year was $664 million, 12 per cent lower than in 2017.

Acacia Mining’s gross profit dropped 12 per cent to $226 million, but was partly offset by $45 million from the sale of a non-core royalty in Burkina Faso.

The company’s cash balance increased by $50 million to $130 million last year after a strong operational performance, resulting in a net cash balance of $88 million at the end of 2018.

 

Capital Drilling (LON:CAPD) provides specialised drilling services to mineral exploration and mining companies in emerging and developing markets, for exploration, development and production stage projects. The Company currently owns and operates a fleet of 91 drilling rigs with established operations in Botswana, Côte d’Ivoire, Egypt, Ghana, Kenya, Mali, Mauritania and Tanzania. The Group’s corporate headquarters are in Mauritius.

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