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Interim pre-tax profits at Acacia Mining soared to $101m from $25m as gold prices and sales surged while costs fell.

Gold production rose 12% to 412,025 ounces for the half, with gold sales of 400,963 ounces

The gold miner said it was now expecting to deliver at or above the upper end of the full year production guidance of 750,000 - 780,000 ounces, and at the lower end of all in sustaining costs of $950-$980 per ounce.

Revenue rose $58.2m to $504.9m due to a 13% increase in gold sales volumes combined with a 1% increase in the average realised gold price to $1,209. The increase in sales ounces was due to the higher production base, Acacia said.

“As we move into the second half of 2016, we expect a step up in production at Buzwagi with grade increasing each quarter until the end of the year as mining is re-established in the main zone of the orebody,” the company said.

“At North Mara and Bulyanhulu we expect smaller contributions in the second half with North Mara quarterly production normalising below the Q2 2016 level.”

“At Bulyanhulu we will see a lowering of the average grade mined to in line with the reserve grade. This, together with a planned two week shutdown of the hoisting shaft for refurbishment in August, will lead to Q3 2016 being in line with Q3 2015 before increasing again in Q4.”

“Looking further forward we continue to look to optimise our portfolio and are focused on value enhancing brownfields extensions at Bulyanhulu and North Mara, as well as assessing our options at Buzwagi. We continue to invest in our high quality exploration portfolio and believe it holds the potential to host our next mine.”

Alliance Trust said first half net asset value rose to 591.4p compared with 545.9p a year earlier although the uncertainty after the UK's decision to leave the EU caused it to underperform against its benchmark.

It also warned that the UK appeared to be headed for a “mild recession as investment and consumption freeze up in the midst of so much uncertainty” after the Brexit vote.

“With global economic growth already fragile, political uncertainty is sure to be a headwind for equity markets. In this uncertain environment we believe a defensive portfolio that is invested in companies that are growing through structural change - rather than those that are dependent on cyclical tailwinds - will be key to investment performance.”

Pre-tax profits jumped to £213m from £36.6m.

Alliance said the quoted equity part of the its portfolio returned 9.5% for the period against the MSCI ACWI benchmark's 12.0% return in the period after the EU referendum result, effectively reversing the outperformance in the five months to May.

“The first half of 2016 has been marked by significant volatility in markets, particularly around the time of the EU Referendum,” Alliance said.

“The NAV was also impacted by a number of other items such as the value of debt and a pension scheme buy in transaction. The combination of these items generated the trust's NAV Total Return of 6.6%, with a Total Shareholder Return (TSR) at 2.6%.”

Alliance said weak investment and consumption for the short, and possibly, medium-term were key risks for the UK economy, which will place further pressure on the already weakened pound.

“The economic outlook for the second half of 2016 appears unclear after the EU Referendum vote. The UK economy appears set for at least a mild recession as investment and consumption freeze up in the midst of so much uncertainty.”

“The question remains as to whether this will spill over into Europe and result in a slowdown across the global economy. The unprecedented nature of the current situation makes forecasting the impact particularly challenging.”

The company also said there were other global political risks to consider, from the US presidential election in November to elections and referendums in China, Germany, France and Italy over the next 18 months.