leadf
logo-loader
viewShanta Gold Limited

Shanta Gold boosts first quarter production, reiterates production guidance for between 80,000-85,000 ounces

Shanta Gold has a track record of successful production in Tanzania

Shanta Gold Limited -

Shanta Gold Ltd (LON:SHG) said it produced 20,167 ounces of gold from its Tanzanian operations during the first quarter of 2020, up from the 19,550 ounces produced in the fourth quarter of 2019.

In its first-quarter production update, Shanta also said its earnings rang in at US$15mln, and cash and available liquidity were boosted to US$15.7mln.

The company mined its gold at an all-in sustaining cost of US$833 per ounce, against a gold price that neared multi-year highs during the period. It expects to produce between 80,000 and 85,000 ounces of gold at all-in costs of between US$830 and US$880 per ounce during 2020.

Shanta also acquired Barrick Gold’s Kenyan assets in the period, with the closing of that transaction expected around the middle of this year.

Shanta's teams of employees and contractors are almost exclusively Tanzanian nationals, leading to minimal impact from the suspension of international travel and no reliance on fly-in fly-out operators during the coronavirus pandemic.

The group has also pledged to donate US$43mln-worth of medical equipment to the government of Tanzania to help fight the virus, in addition to ongoing deployment of investments in community health, infrastructure, education and livelihood programmes.

What’s more, the company's medical team is helping to educate local communities to reduce the potential for transmission of the disease.

The company also revealed that it has extended the maturity date of its outstanding convertible loan notes to April 2021.

 

Quick facts: Shanta Gold Limited

Price: 17 GBX

AIM:SHG
Market: AIM
Market Cap: £144.26 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Shanta Gold Limited named herein, including the promotion by the Company of Shanta Gold Limited in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Morning Report: Touchstone Exploration reports significant discovery at...

Headlines from the Proactive UK newsroom. Touchstone Exploration (LON:TXP) has made what it says is a significant crude oil discovery on the Ortoire exploration block, onshore Trinidad. Logs from the Cascadura-1 well indicate 1,037 feet of oil pay, which far exceeds pre-drill expectations...

on 16/12/19

2 min read