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A Stronger Future Together ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 Acacia Mining Plc Annual Report & Accounts 2018

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A stronger future together ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 Acacia Mining plc Annual Report & Accounts 2018 Strategic report Governance Group at a glance 1 Governance overview 70 Our lasting legacy 4 Board of Directors 72 CEO statement 10 Executive Leadership Team 74 Q&A with the Independent Interim Chair 16 Corporate governance report 75 Market overview 18 Committee reports 80 Our business model 22 Remuneration report 87 Our strategy 24 Other information 102 Key performance indicators 26 Directors’ responsibilities statement 106 Risk management 30 Reserves and resources 107 Principal risks and uncertainties 32 Financial statements Performance review Independent Auditors’ report to the Operating review 36 members of Acacia Mining plc 112 Financial review 50 Consolidated financial statements 119 Sustainability review 56 Notes to the consolidated financial statements 124 Parent company financial statements 164 Notes to the parent company financial statements 168 Shareholder information Glossary of terms 179 Shareholder enquiries 185 STRATEGIC REPORT STRATEGIC At the core of Acacia are excellent assets and great people and, while we continue to work through the uncertain operating environment, we maintain a strong focus over what we can control. We have demonstrated our commitment Acacia is one of the to manage the business, develop our largest gold producers in Africa. We have three people and build long-term partnerships mines, all located in north-west Tanzania, and with our local communities, governments a portfolio of exploration projects across the and other key stakeholders. continent. Operating performance Exploration and development SEE PAGE 36 SEE PAGE 44 Strong cost discipline Sustainability and partnerships SEE PAGE 50 SEE PAGE 56 ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 1 Highlights Over the past year Acacia has successfully stabilised the business with a focus on optimising operational performance. At the same time, we have continued to demonstrate our long-term commitment to the development of Tanzania, its people and its mining industry. For more information, visit our website www.acaciamining.com Financial highlights Operational highlights Sustainability highlights Revenue Gold production Sustainable Communities investment US$664m 521,980oz 2017: US$752m 2017: 767,88 oz US$8.8m* 2017: US$8.2m Cash position Cash cost Localisation of workforce US$ m US$680/oz* 96.2%* 130 2017: 96.2% 2017: US$81m 2017: US$5 87/oz EBITDA All-in sustaining cost ("AISC") Total Reportable Injury Frequency Rate (“TRIFR”) US$226m* US$905/oz* * 2017: US$257m 2017: US$875oz 0.19 2017: 0.45 Net earnings * Non-IFRS measures are defined in US$59m the Glossary of Terms on page 182 2017: (US$707m) 2 ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 STRATEGIC REPORT STRATEGIC Where we operate - Tanzania Gold Doré Production 2018 01 North Mara 336,055oz 02 Buzwagi 145,440oz 03 Bulyanhulu 01 40,485oz 03 02 Concentrate Stockpile 185,800oz of gold Valued at 12.1mlbs US$247m of copper at average 2018 spot metal prices 158,900 oz of silver Production Bulyanhulu All-in sustaining cost per ounce Production (Koz) North Mara $/ounce Buzwagi 450 1,200 1,133 1,112 123 157 132 400 1,000 941 958 945 893 875 865 350 52 300 180 800 204 144 21 250 175 19 600 200 173 163 400 150 143 126 100 80 82 73 72 200 50 0 0 H1 16 H2 16 H1 17 H2 17 H1 18 H2 18 H1 15 H2 15 H1 16 H2 16 H1 17 H2 17 H1 18 H2 18 ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 3 Delivering economic growth Acacia is a major contributor to economic US$3bn growth in Tanzania and supports the country's In total we have spent over US$3 billion with Tanzanian socioeconomic advancement in line with the suppliers to support our businesses since inception Government's Development Vision 2025. Our financial contributions include royalties, taxes, employee salaries, payments to suppliers and contractors, as well as investment in our % Acacia10 plans to increase local communities. its annual spend with Tanzanian-owned suppliers by 10% to US$140m by mid-2019 US$92.5m Total investment in Tanzania in 2018 US$1.3 billion US$4.0 billion Acacia has paid a total of over US$1.3 billion in taxes and royalties in Tanzania Acacia and its predecessor companies have made over US$4 billion of capital investment in Tanzania over the past 15 years 4 ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 STRATEGIC REPORT STRATEGIC US$441m Acacia’s contribution to the Tanzanian economy in Case study 2018 through suppliers, employees and taxes Growing our Local Supply Chain Our investment and operations in Tanzania open 2018 for services such as construction and up unique opportunities for local industry and facilities management. suppliers to establish and grow businesses Johansen Kajuna, Hajoka’s founder and while also contributing to economic growth in US$273m managing director, recalls that the company the regions around our mines. The amount Acacia received its big break in 2014 when he won spent with suppliers based With this in mind, we have progressed a a tender to manage facilities at the Buzwagi in Tanzania in 2018 number of strategies within our Supply Chain mine. Since then the business has provided function with the goal of further increasing our employment to around 300 staff and its annual spend on goods and services with revenue from contracts with Acacia has suppliers based in Tanzania. As part of this we grown to more than US$3 million. plan to increase our annual spend specifically “Acacia has had a huge impact towards the with Tanzanian-owned businesses to growth of our company,” Mr Kajuna explains. approximately US$140 million by mid-2019. US$127m “Their business has helped us gain expertise The amount Acacia At all three of our sites we aim to support local and increase our capital to source world-class contributed in taxes and businesses which have the opportunity to bid equipment and expand our operations. I feel royalties to the Tanzanian for valuable tenders at the mine. Hajoka honoured that our growth has not only Government in 2018 International is a Tanzanian contractor based benefited us but also had a positive impact near our Buzwagi mine in the Shinyanga region in our communities and economy at large.” and the company has benefitted significantly in recent years from contracts it has won with the mine. The company was founded just five years ago and has quickly grown to be one of the region’s largest general contractors, winning tenders with Acacia worth US$1.1 million in 168 143 127 Last 11 years’ 122 114 117 111 92 annual tax 63 70 contributions 44 to Tanzania 1 2 (US$million) 8 1 3 8 2 4 5 9 0 6 7 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 1. Includes royalties, corporate tax, payroll tax, withholding tax, import duties, and fuel and local levies. 2. Unaudited ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 5 Building a lasting legacy From our in-house training programmes 96.2% to our partnerships with leading A total of 96.2% of our employees are universities in Dar es Salaam, Acacia has Tanzanian Nationals always invested in people to shape the future of Tanzania's mining industry. 100 At least 100 Tanzanian students enrolled in mining-related studies benefit from work and training at our mine sites each year A198 total of 198 employees % graduated from Acacia's 87.5 flagship "Rainbow" training programme in 2018 303 We have reduced the number of international employees by 87.5% in the last six years A total of 303 of our people have completed our Rainbow Leadership Programme since 2016 6 ACACIA MINING PLC ANNUAL REPORT & ACCOUNTS 2018 STRATEGIC REPORT STRATEGIC Investment in Tanzanian Talent We are delivering tailored professional training programmes for our staff in an effort to create tomorrow's leaders in the US$1.4m Acacia has invested mining industry as we transition key business support US$1.4m in training functions to Tanzania by mid-2019. Tanzanian apprentices in the mining industry Case study Cultivating the Leaders of Tomorrow 70% Around 70% of in Tanzania’s Mining Industry our management positions are held by Tanzanians In 2018 a total of 198 of our staff members “As Tanzania progresses its industrialisation Over the last ten years the Company has graduated from the company’s Rainbow agenda, Rainbow and other professional invested in excess of US$1.4 million across Leadership Development Programme, our training programmes delivered by Acacia its three mines – North Mara, Bulyanhulu and flagship professional development training provide a crucial platform for our Tanzanian Buzwagi – to train more than 380 apprentices. course within Acacia. employees to progress within the Company Tanzania's minister for education, Professor but also enable them to contribute more Joyce Ndalichako, praised our IMTT offering The latest graduations took place as the widely to the country’s economic growth and and its alignment with the national development Company progressed plans to transition key development goals,” Janet Reuben-Lekashingo, agenda saying, “This programme serves to business functions in support of our Tanzanian Acacia’s General Manager for Organisational uplift training standards to produce highly operations – such as Supply Chain, Sales and Effectiveness, said. skilled artisans in Tanzania, competent enough Payroll – into Tanzania. to work in any mining or manufacturing At the same time we continue to advance our “Rainbow” is a six-month programme that operation.” Integrated Mining Technical Training (IMTT) develops talent among staff in first-level programme.
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