https://www.engineeringnews.co.za

Shanta expects to produce up to 88 000 oz of gold this year

18th January 2018

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – East Africa-focused gold developer Shanta Gold’s New Luika mine, in Tanzania, produced 21 288 oz of gold in the three months ended December 31, a quarter-on-quarter increase of 17%.

This brought the Aim-listed miner’s full-year production to 79 585 oz, in line with its 80 000 oz guidance, but lower than the prior year’s 87 713 oz.

For this year, Shanta Gold expects to produce between 82 000 oz and 88 000 oz at an all-in sustaining cost of $680/oz to $730/oz, with CEO Eric Zurrin noting that Shanta would also continue to reduce its net debt and restructure the business to deliver improved, sustainable cash flows.

“With this in mind, we have increased our annual cost saving target to $7-million from the previous $5-million target,” he added.

These initiatives are expected to result in another year of deleveraging, with management expecting to be in a position to evaluate its dividend policy during the fourth quarter in preparation for subsequent financial periods.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.119 0.172s - 156pq - 2rq
Subscribe Now