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A Transformed Business, Looking to the Future

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A Transformed Business, Looking to the Future ACACIA MINING PLC A TraNSFORMED BUSINESS, LOOKING TO THE FUTURE AnnUal REPORT & AccOUNTS 2016 A nn U al RE P ORT & A cc OU N TS 2016 ACACIA MINING PLC The successful transformation of our business is nearly complete. Our strategy is yielding results and we can now begin to take a longer-term outlook. The future is bright for Acacia as we continue to unlock value through the following areas... …BY DEVELOPING OUR WOrld-class assets Underground mining with exciting potential For more information, visit our website: www.acaciamining.com p8 WHAT’S INSIDE STRATEGIC REPORT 2 GOVERNANCE 60 FINANCIAL STATEMENTS 109 Group at a glance 2 Governance overview 60 Independent auditors’ report Chairman’s statement 4 Board of Directors 62 on the consolidated financial statements 109 Our business model 6 Executive Leadership Team 66 Consolidated financial statements 114 Developing our world-class assets 8 Corporate governance report 67 Notes to the consolidated Expanding our exploration footprint 10 Committee reports 72 financial statements 119 Enhancing our stakeholder relations 12 Remuneration report 77 Independent auditors’ report on the parent company financial statements 157 Our strategy 14 Other information 97 Parent company financial statements 159 Chief Executive’s review 16 Directors’ responsibilities statement 102 Notes to the parent company Market overview 22 Reserves and resources 103 financial statements 163 Key performance indicators 24 Risk management 28 Principal risks and uncertainties 30 SHAREHOLDER INFORMATION 174 Glossary of terms 174 Shareholder enquiries 180 PERFORMANCE REVIEW 34 Operating review 34 Financial review 46 Sustainability review 52 …BY EXPANDING …BY ENHANCING OUR EXplorAtion footprint OUR STAKEHOLDER RELATIONS Targeting more high-value Continuing to invest in discoveries across Africa unearthing Africa’s potential p10 p12 ACACIA MINING PLC AnnUAL Report & AccoUnts 2016 1 GROUP AT A GLANCE We are the leading gold producer in Tanzania with a vision of becoming a leading gold miner across Africa. HIGHLIGHTS ASSET PORTFOLIO FINANCIAL WEST AFRICA Building a portfolio of exciting exploration REVENUE EBITDA1 (US$ MILLION) (US$ MILLION) properties in the Houndé Belt in Burkina Faso and the Senegal-Mali Shear Zone in Mali. US$1,054m US$415m 2015: US$868m 2015: US$175m NET CASH POSITION (US$ MILLION) US$218m 2015: US$105m OPERATIONAL GOLD PRODUCTION ALL-IN SUSTAINING COST1 829,705oz US$958/oz 2015: 731,912oz 2015: US$1,112/oz CASH COSTS1 US$640/oz 2015: US$772/oz 1 These are non-IFRS measures. Refer to page 177 for definitions. SUSTAINABILITY TOTAL COMMUNITY TOTAL INJURY REPORTABLE INVESTMENT (US$ MILLION) FREQUENCY RATE (‘TRIFR’) US$10.7m 0.74 Amount invested in 2016 Frequency rate LOCALISATION OF WORKFORCE 96.2% Percentage of nationals in operational workforce The largest community development fund of its kind in Tanzania promoting sustainable development in the country. 2 ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2016 CONTINUED DEVELOPMENT OF OUR HIGH-QUALITY AssET BASE Relevant pages Enhancing life of mine plans STR p34 A Driving mining and processing efficiencies Operating review RE TEGIC Optimising mining, development and processing rates p46 Financial review P Investing in both brownfield and greenfield exploration ORT EAST AFRICA Our mines are located in Tanzania, the fourth largest gold producing country in Africa. We are also exploring in Kenya which has a nascent mining industry but highly prospective geology. PRODUCING MINES BULYANHULU NORTH MARA 289koz 378koz 2016 gold production 2016 gold production BUZWAGI 162koz 2016 gold production EXPLORATION NEAR-MINE/BROWNFIELD GREENFIELD • North Mara • West Kenya Project – Gokona Underground • Houndé Belt JVs mine life extensions • Kenieba JVs – Nyabirama • Nyanzaga JV underground resource extensions 2016 SPEND ON OUR EXPLORATION PROJECTS US$24m (2015: US$20m) ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2016 3 CHAIRMAN’S STATEMENT During 2016 Acacia delivered against its primary objective of delivering free cash flow generation. Dear shareholders, 2016 was a pleasing year for Acacia as the Company delivered against our primary objective of generating free cash flow as the benefits of the changes at the operations flowed through the business. It was a record year in several ways as Group production of 829,705 ounces was the highest that the business has ever achieved. This, in turn, was driven by record production at North Mara of 378,443 ounces, aided by a full year of operations at the Gokona Underground operation. This is now the fourth consecutive year we have delivered an increase in production, from what was seen as a mature asset base, and we are guiding for a fifth year of growth in 2017. On the cost front, we saw a downward step change, driven in part by increased production, but also by the major restructuring of the workforce in Q4 2015. Over the past four years, we have taken over US$600 per ounce out of our all-in sustaining cost through the transformation of each of our assets. This has meant that the business has moved from a position of considerable cash outflow, to one that doubled its net cash position KELVIN DUSHNISKY CHAirmAN of the BOArd to US$218 million during 2016. The turnaround of the business, coupled with supporting tailwinds, meant that the share price performed extremely strongly during 2016, rising “2016 was a strong year for Acacia 108% over the year, with a peak at 598p in August. Geopolitical events through the year, including the result of the referendum on the UK’s as we began to reap the benefits membership of the EU, speculation over the timing of interest rate rises in the US, and rising political tensions provided support for the gold price from the changes that we have over the first ten months of the year and meant that our net realised gold price averaged US$1,240 per ounce for the year, was nearly 5% higher driven across the business.” than in 2015. However, following the United States Presidential election and a US interest rate rise in December there was a correction in the gold price and it ended the year at US$1,145 per ounce. Board composition There have been no significant changes to Board composition in 2016. This year we revisited Board Committee composition to ensure that the membership of each Board Committee is best aligned to Acacia’s needs. As a result of this review, we have decided to alter the composition of our Audit and EHS&S Committees, with composition changes applying from 2017. Further details of these changes are provided as part of the Governance overview on page 60. 4 ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2016 Relevant pages p60 STR A Governance overview RE TEGIC P ORT Final dividend EFFECTIVE GOVERNANCE Our dividend policy is based on cash flow in order to ensure that it is closely Our Directors have considerable knowledge and aligned with the focus on cash generation from the business. As a result experience of the mining industry and bring other we aim to pay a dividend of between 15-30% of our operational cash flow, relevant experience to the Board to assist Acacia after sustaining capital and capitalised development, but before expansion in achieving its strategic goals. capital and financing costs. In line with this policy, in July we declared an interim dividend of 2.0 cents Kelvin Dushnisky Michael Kenyon per share, which was a 43% increase on 2015. As a result of strong Chairman of the Board Independent Non-Executive Director performance in the second half of the year, we are pleased to recommend a final dividend of 8.4 cents per share. This represents a full year payout Brad Gordon Rachel English of 10.4 cents per share, or US$43 million, which is at the top of the payout Chief Executive Officer Independent range and 147% higher than 2015. The decision to recommend a dividend Non-Executive Director at the top of the range reflects the confidence we have in the business, the Peter Tomsett Steve Lucas significant free cash flow the Company generated in 2016 and the fact that Senior Independent Independent we are able to fund out of free cash flow the organic projects currently in Non-Executive Director Non-Executive Director our pipeline. We believe the distribution of capital to our shareholders is Andre Falzon Stephen Galbraith a key differentiator for Acacia and continues our track record of providing Independent Non-Executive Director strong total returns to our shareholders across the cycle. Non-Executive Director Outlook Ambassador Juma V. Mwapachu The delivery from our business during 2016 is a result of the hard work Independent that has been undertaken across the Company. This does not mean that Non-Executive Director we have completed the transformation and we continue to work to optimise our asset base and to overcome challenges inherent to this business. Looking forward to 2017, we expect to see further improvements across the asset base, with an increase in production and further reduction in Board skills Board independence costs. This improvement is being led by Buzwagi as a result of the 1 optimisation of the final year of mining in order to drive cash flow for the 2 3 business. We will continue to develop the operational stability at Bulyanhulu 2 as we look to fully unlock the geological potential of the mine, and at North Mara, we believe the extensive drilling programmes currently underway 6 4 will demonstrate the quality and longevity of what is becoming a leading asset in Africa. Geology Non-independent On behalf of the Board, I would like to acknowledge all Acacia employees for Engineering Independent their hard work during the year. I would also like to express my appreciation Financial to our shareholders for their continued support for the Company.
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