JOHANNESBURG (miningweekly.com) – London-listed Shanta Gold said on Monday that it planned to target an 80 000 oz gold output for the 2014 year, after meeting its 2013 production guidance.

The East Africa-focused gold production and exploration company delivered 19 581 oz of gold during the final quarter of 2013 – up 3.6% from the third quarter – with the full-year output of 64 054 oz moving marginally ahead of the targeted 63 000 oz.

The group had also maintained monthly consistency, with output continually exceeding 6 500 oz/m.

“The company delivered another strong quarter with record throughput and production enabling us to marginally exceed our full-year production guidance. With 38 475 oz produced in the second half, we have a robust base on which to build from and, while further plant optimisation needs to be completed, we are confident in our ability to achieve the 2014 full-year production guidance,” Shanta CEO Mike Houston said.

The company experienced “some delays” in the delivery of both the elution/electrowinning plant and the crushing/screening plant, but with both plants now scheduled to be commissioned by the end of the second quarter of 2014, improvements in production efficiency and recoveries were expected to emerge in the third quarter.

Shanta’s gold sales dipped to 18 800 oz, at an average price of $1 320/oz, during the three months to December, after registering a high of 19 235 oz at $1 366/oz during the preceding quarter.

However, for the year to December, the mining group had achieved gold sales of 61 877 oz at an average price of $1 409/oz.

All-in sustaining costs for the 2013 financial year reached $1 049/oz – within guidance of $1 000/oz to $1 100/oz – with the fourth-quarter cash costs influenced by one-off cost items.

“However, with actions taken during the second half of 2013 and with the increased production schedule, I remain confident that our cost guidance for 2014 is achievable,” Houston said.

The company was targeting an all-in sustaining cost guidance of between $900/oz and $1 000/oz for the 2014 financial year on the back of cost-saving initiatives and increased production volumes in the second half of 2014.