Acacia Mining (LSE:ACA) (1.6% of net assets as of September 30, 2016) (ACA – $6.45 | £4.98 – London Stock Exchange) is a London listed gold mining company with three mines in Tanzania. The company was formerly called African Barrick, and Barrick is still a large shareholder of Acacia. Acacia is in the process of transforming its two largest assets, the Bulyanhulu and North Mara mines. Bulyanhulu is beginning to mine higher grade material, and operating costs have been reduced at the mine, leading to higher production at lower unit costs. At North Mara, the company is beginning to mine an underground portion of the orebody. Currently a dividend paying stock, the amount of the dividend paid should increase as the company executes operationally.
From the Gabelli Gold Fund third-quarter 2016 shareholder letter.
