Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Shanta Gold reports strong final quarter for New Luika Gold Mine with gold production up 17%

In a fourth quarter production and operational update, the East Africa-focused gold producer and explorer said its annual gold production for 2017 was 79,585 oz, consistent with its guidance of approximately 80,000 oz
Gold
Shanta has also increased its annual cost saving target to US$7.0mln from the previous US$5mln target

Shanta Gold Limited (LON:SHG) has reported a strong final quarter of 2017 for its New Luika Gold Mine, in Southwest Tanzania, with gold production of 21,288 ounces, an increase of 17% on the third quarter.

In a fourth quarter production and operational update, the East Africa-focused gold producer and explorer said its annual gold production for 2017 was 79,585 oz, consistent with its guidance of approximately 80,000 oz. The group said its annual guidance for 2018 is 82,000−88,000 oz.

WATCH: Shanta all about growth in 2018 after strong Q4

Shanta said 2017 gold sales totalled 79,938 oz, down from 86,331 oz a year earlier, at an average price of US$1,263 per oz, compared to an average spot price of US$1,258 /oz.

Eric Zurrin, Shanta’s chief executive officer, said: “The Company expects to continue reducing its net debt and restructuring the business to deliver improved, sustainable cash flows going forward. With this in mind, we have increased our annual cost saving target to US$7.0mln from the previous US$5mln target.”

READ: Shanta Gold publishes first resource for Singida

He added: “These initiatives are expected to result in another year of deleveraging and management expects to be in a position to evaluate the dividend policy during the fourth quarter of 2018 in preparation for subsequent financial periods."

View full SHG profile View Profile

Shanta Gold Limited Timeline

Related Articles

1513945199_Humm2.jpg
December 22 2017
The plan in 2018 is to deliver not one doré bar, but a 130,000 ounces of the yellow metal
1522151008_gold_bars,_sized.png
March 27 2018
Orsu Metals looks set for a transformative year, with a sizeable gold resource expected in an already prolific area
picture of gold pour
September 05 2017
Sener wants to do more work itself at Salinbas to see what’s there

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 suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use