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UPDATE 1-Acacia's gold production hit by Tanzania's export ban

UPDATE 1-Acacia's gold production hit by Tanzania's export ban
From Reuters - October 12, 2017

(Updates with detail, shares, analysts)

LONDON, Oct 12 (Reuters) - London-listed gold miner Acacia Mining reported on Thursday a drop in production over the last three months, hit by work permit issues and reduced operations at its main Tanzanian mines.

Acacia is caught up in a dispute with the Tanzanian government which banned the export of unprocessed minerals and enacted new laws to raise state ownership of the nations mines.

The companys share price, which is down by 50 percent so far this year, was down 3 percent at 184 pence by 0819 GMT, the only decliner in its sector index .

Its gold production in the three months to September fell 8.3 percent to 191,203 ounces compared with the previous quarter although sales were up 3 percent at 132,787 ounces, Acacia said in a brief update.

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