https://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Wed, 24 Oct 2018 02:05:28 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Shanta Gold reports 'steady quarter' and remains confident on VAT repayments ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10909/shanta-gold-reports-steady-quarter-and-remains-confident-on-vat-repayments-10909.html Thu, 18 Oct 2018 14:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10909/shanta-gold-reports-steady-quarter-and-remains-confident-on-vat-repayments-10909.html <![CDATA[News - Shanta Gold whittles away debt ]]> https://www.proactiveinvestors.co.uk/companies/news/207343/shanta-gold-whittles-away-debt-207343.html Shanta Gold Limited (LON:SHG) produced 19,723 ounces of gold in the third quarter at its New Luika mine in South-Western Tanzania.

Production was lower than budgeted as mine grades were lower than expected.

READ: Shanta Gold pleased with results of recent exploration activities

In a production and operational update, the company said it now expects to produce around 80,000 ounces of gold in 2018 at an all-in sustainable cost (AISC) of US$750 an ounce. This represents a lowering of previous guidance, which was for output of 82,000 – 88,000 ounces at an AISC of US$680-730 per ounce.

The gold was produced at a cash cost of US$553 an ounce in the third quarter, or an AISC of US$769 an ounce, up from AISC of US$748 an ounce in the second quarter.

Capital expenditure during the third quarter rose to US$US$5.3mln from US$4.5mln in the second quarter, which was predominantly related to underground development and equipment, inclusive of Ilunga pre-production capital.

At the end of September, the company’s cash balance had ebbed to US$8.6mln from US$8.9mln at the end of June but net debt narrowed to US$35.1mln from US$38.1mln.

“Shanta continues to deleverage its balance sheet despite not receiving the long-awaited VAT refund,” said Eric Zurrin, the chief executive officer of Shanta.

On the plus side, the company said “encouraging communication” had been received from the Tanzania Revenue Authority and Treasury regarding preparations for the resumption of VAT refunds.

READ: Shanta Gold swings into profit as cost-cutting initiatives take hold

"Exploration is a key focus for Shanta and it is, therefore, a positive development for us that our preliminary drilling has already replaced mined ounces during the Quarter. Trenching at the new Lambo target only 6.6km from our plant has yielded excellent grades and warrants further exploration. Further afield at the Quartzberg deposit, we have prioritised eight new high-grade targets and look forward to providing updates on these targets going forward," Zurrin said.

Preliminary exploration at Bauhinia creek has already replaced all mined ounces over the last three months. New discovery at Lambo, 6.6km north east of the plant, has hit bonanza grades in trenches totalling 2.1 metres at 47.12g/t Au and 3.15 metres at 32.73g/t Au

— Shanta Gold (@shanta_gold) October 11, 2018 ]]>
Thu, 18 Oct 2018 07:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/207343/shanta-gold-whittles-away-debt-207343.html
<![CDATA[RNS press release - Q3 2018 Production & Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20181018070004_13833073/ Thu, 18 Oct 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20181018070004_13833073/ <![CDATA[News - Shanta Gold pleased with results of recent exploration activities ]]> https://www.proactiveinvestors.co.uk/companies/news/206860/shanta-gold-pleased-with-results-of-recent-exploration-activities-206860.html Shanta Gold Limited (LON:SHG) said drilling at Bauhinia Creek (BC) East has converted 27,240 ounces into indicated resources from 33,746 ounces of inferred resources.

The East Africa-focused miner said a total of 21,081 ounces of indicated resources at 3.43 grams per tonne (g/t) have been added to the life of mine plan at the New Luika gold mine at an implied conversion cost of US$8 per ounce.

READ: Shanta Gold updates on the Singida and New Luika gold projects in Tanzania

Exploration drilling at BC Central is scheduled for the first half of 2019 with the aim of converting further inferred resources to indicated resources. BC Central includes a historical drill hole CSD055 intersecting eight metres averaging 8.52g/t gold (Au) that is not included in the current mine plan.

On the new Lambo target at New Luika, the recent trenching programme excavated and sampled relatively short trenches (8 – 36 metres) to test the strike continuity of the mineralisation.

Shanta said17 trenches totalling 249.70 metres have been excavated and sampled at Lambo. Nine of the 17 trenches returned significant gold mineralisation with two trenches returning very high-grade gold including 2.1 metres (m) at 47.12g/t Au and 3.15m at 32.73g/t Au.

Additional trenching on the Lambo target and interpretation of airborne magnetic images will be completed before the end of this year to delineate the widths of mineralised zones and grade continuity along strike to help define drill targets.

At the Quartzberg targets, Shanta undertook a campaign in July to evaluate the company’s regional licence potential across the Lupa goldfields.

Some of the encouraging rock chip grab samples results include 27.22 g/t Au, 19.28 g/t Au, 17.82 g/t Au, 16.98 g/t Au, 15.28 g/t Au and 14.68 g/t Au from quartz veins and country rocks.

The potential presence of favourable litho-structural setting for gold mineralisation was interpreted but unfortunately the disturbed ground by artisanal mining activities make the conventional exploration methods of soil sampling and trenching not suitable for these areas, Shanta said. Further exploration has been planned for later this year to test the depth continuity of the interpreted zones of mineralisation as well as the approximate widths of the zones.

"Shanta's preliminary exploration activities at BC East has allowed us to quickly replace the company's mined reserves over the past quarter, at a compelling conversion cost of US$8/oz. Once the inferred resources have been converted to indicated resources across the portfolio, we look forward to exploring for potentially transformational down-dip extensions across all three underground orebodies (Bauhinia Creek, Ilunga and Luika), the development of which is not capital intensive for the company," said Eric Zurrin, the chief executive officer.

"Separately, we are encouraged by the strong results from our regional exploration programme, including Lambo which is located close to our existing plant and Quartzberg. I look forward to receiving the next phase of results from these programmes and updating the market in due course," he added.

Our new leach tank is now operational after 9 weeks of installation and commissioning #unlockingvalue pic.twitter.com/os1ZlL8A57

— Shanta Gold (@shanta_gold) September 24, 2018 ]]>
Thu, 11 Oct 2018 07:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206860/shanta-gold-pleased-with-results-of-recent-exploration-activities-206860.html
<![CDATA[RNS press release - New Luika Gold Mine Exploration Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20181011070004_13824256/ Thu, 11 Oct 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20181011070004_13824256/ <![CDATA[News - Shanta Gold updates on the Singida and New Luika gold projects in Tanzania ]]> https://www.proactiveinvestors.co.uk/companies/news/204029/shanta-gold-updates-on-the-singida-and-new-luika-gold-projects-in-tanzania-204029.html Shanta Gold LTD (LON:SHG) has commenced underground decline work at Ilunga, part of the ongoing development at the producing New Luika project, three months ahead of schedule. First ore is expected in mid-2019.

Exploration drilling from underground is continuing, targeting, at a minimum, the replacement of reserves on an ongoing basis.

WATCH: Shanta Gold expectingis strong H2 with improved grades and further cost savings

Meanwhile, a further net annualised saving of US$1mln is expected from January 2019, following an agreement to owner-operate Shanta's power plant at NLGM;

There will also be an increase in recoveries, following the commissioning of the third pre-leach tank, which will start on September 12.

Elsewhere, at Singida, a second phase of exploration will get underway this month, with detailed project economics to be announced in the fourth quarter.

And in an additional bonus the company could receive a VAT rebate of US$19mln.

"With operations performing well at New Luika, and following the cost-cutting initiatives implemented since September 2017, we expect the balance sheet to continue deleveraging," said chief executive Eric Zurrin.

"We will shortly have three active sources of high-grade ore following the commencement of underground development at Ilunga. With mining flexibility providing operational stability, Shanta is renewing its focus on exploration. Over the next two years, Shanta is targeting high priority exploration targets on its mining licences which include down dip extensions at Shanta's high-grade Bauhinia Creek and Ilunga deposits."

 

 

 

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Mon, 03 Sep 2018 07:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204029/shanta-gold-updates-on-the-singida-and-new-luika-gold-projects-in-tanzania-204029.html
<![CDATA[RNS press release - Operations update ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180903070007_13775595/ Mon, 03 Sep 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180903070007_13775595/ <![CDATA[News - Shanta Gold swings into profit as cost-cutting initiatives take hold ]]> https://www.proactiveinvestors.co.uk/companies/news/203030/shanta-gold-swings-into-profit-as-cost-cutting-initiatives-take-hold-203030.html Shanta Gold Limited (LON:SHG) hailed the success of its cost-cutting programme as it swung into profit at the half-year stage.

The East Africa-focused gold producer made a profit before tax of US$8.45mln in the first half of 2018, compared to a loss the year before of US$649,000.

READ: Shanta Gold tipped for big profit hike as underground operations hit stride

Revenue eased to US$50.24mln from US$52.75mln the year before, with the company selling 37,827 ounces (oz) of US$1,303 an ounce. Cash costs of production for the first half of the year was US$549 an ounce, up from US$549 in the same period of 2017, but were reduced to US$505 an ounce in the second quarter.

All-in sustaining costs rose to US$757 an ounce from US$715 an ounce the previous year, within the company’s full-year guidance range of US$680 to US$730 an ounce.

Shanta said it had achieved US$7.2mln of recurring cost reductions since September, improving the cost base by roughly US$85 per ounce produced in less than 12 months.

The miner achieved a new record for monthly underground production in June 2018 of 51,130 tonnes at 5.30 grams per tonne (g/t) for 8,705 oz contained gold. Guidance for full-year production was left unchanged at 82,000 to 88,000 ounces.

"Operationally, we are doing very well at New Luika - we achieved a record monthly underground production in June and importantly remain on track to achieve our annual production guidance for the year of 82,000 to 88,000 oz," said Eric Zurrin, the chief executive officer of Shanta.

"In addition to a strong operational performance and with a vision to increase our mine life, we have achieved a number of exploration successes in the first half of this year. At New Luika, we completed Phase 1 underground drilling at Bauhinia Creek, confirming the extension of high-grade mineralisation adjacent to our existing underground operation. At our second asset, Singida, we also announced two phases of exploration drilling results with encouraging intersections and I look forward to providing further updates on the project in the second half of the year," he added.

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Thu, 16 Aug 2018 08:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/203030/shanta-gold-swings-into-profit-as-cost-cutting-initiatives-take-hold-203030.html
<![CDATA[RNS press release - Interim results ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180816070006_13757275/ Thu, 16 Aug 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180816070006_13757275/ <![CDATA[Media files - Shanta Gold expecting strong H2 with improved grades and further cost savings ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9930/shanta-gold-expecting-strong-h2-with-improved-grades-and-further-cost-savings-9930.html Mon, 23 Jul 2018 11:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9930/shanta-gold-expecting-strong-h2-with-improved-grades-and-further-cost-savings-9930.html <![CDATA[RNS press release - Blocklisting Six Monthly Return ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180720141103_13726225/ Fri, 20 Jul 2018 14:11:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180720141103_13726225/ <![CDATA[News - Costs tumble at Shanta Gold's Tanzanian mine ]]> https://www.proactiveinvestors.co.uk/companies/news/201133/costs-tumble-at-shanta-gold-s-tanzanian-mine-201133.html Production costs tumbled at Tanzania-based gold miner Shanta Gold PLC (LON:SHG) in the last three months with further savings expected over the remainder of the year.

Shanta will shift operations at New Luika completely underground from the end of August as sufficient ore has been stockpiled to enable the open pit fleet to ‘stand down’, said chief executive Eric Zurrin.

READ: Shanta meets US$7mln cost reduction target three months early

Shanta produced 20,544 ounces in the three months to June, up from 17,663oz in the previous quarter, while operating costs dropped to US$505 per oz from US$595.

On a sustaining basis, costs were US$748 per oz, but are expected to drop to within a range of US$680-730 by the year-end.

Sales over the quarter amounted 19,475oz at a price of US$1,302.

Zurrin added the company has decided to move forward the start of underground production at the Ilunga deposit by more than a year to mid-2019, with final permitting by the end of this year.

Net debt rose to US$38.1mln (US$37.5mln), while VAT owed to the company is now US$17.9mln.

"The cost saving initiatives that were executed in Q4 2017 are now beginning to have a significant impact on both costs and cash flow. The full effect of additional savings executed in Q2 2018 will be seen over the coming months, said Zurrin

"We are continuing the development programme at Singida following the announcement of a new JORC resource estimate, which included a 56% increase in Measured resource."

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Thu, 19 Jul 2018 08:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201133/costs-tumble-at-shanta-gold-s-tanzanian-mine-201133.html
<![CDATA[RNS press release - Q2 2018 Production & Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180719070005_13723300/ Thu, 19 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180719070005_13723300/ <![CDATA[News - Shanta Gold reports high grades from New Luika exploration programme ]]> https://www.proactiveinvestors.co.uk/companies/news/201031/shanta-gold-reports-high-grades-from-new-luika-exploration-programme-201031.html Shanta Gold Limited (LON:SHG) has hit reported grades from an exploration programme outside of the current reserves area at the New Luika gold mine in Tanzania.

Four diamond holes were drilled at the Bauhinia Creek East underground mine, where there has already been historical bonanza grade intercepts.

READ: Shanta meets US$7mln cost reduction target three months early

Assays ranged between 4.6 grammes per tonne over 7.5 metres to 39 g/t gold in one narrow section.

Drilling was carried out over a strike length of 80 metres to a depth of 180m.

Eric Zurrin, chief executive, said the results were further evidence of high-grade extension at New Luika's Bauhinia Creek deposit.

“The mineralization is easily accessible from our existing underground operations and will require minimal capital investment.

“Proving the high-grade extensions has been a priority for Shanta as we continue to focus on adding to our current mine life."

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Wed, 18 Jul 2018 08:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201031/shanta-gold-reports-high-grades-from-new-luika-exploration-programme-201031.html
<![CDATA[RNS press release - Phase 1 Drilling Update - High Grade Intercepts ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180718070004_13721614/ Wed, 18 Jul 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180718070004_13721614/ <![CDATA[News - Shanta meets US$7mln cost reduction target three months early ]]> https://www.proactiveinvestors.co.uk/companies/news/200455/shanta-meets-us7mln-cost-reduction-target-three-months-early-200455.html Shanta Gold Ltd (LON:SHG) has met its cost reduction target three months ahead of schedule.

The East Africa-focused gold producer has shaved an annualised US$7.2mln from costs by renegotiating contracts with suppliers and by eliminating non-essential general and administrative spending.

READ: Shanta Gold tipped for big profit hike as underground operations hit stride

The full benefit of the 2018 cost reductions will be realised from the third quarter of 2018. However, the underground operation at New Luika in Tanzania has been ringfenced during this exercise to ensure that production continues as planned.

"These further cost reductions cement Shanta's position as one of the lowest cost producing gold mining companies in Africa and form part of our overriding strategy of maximizing value for our shareholders," said chief executive Eric Zurrin.

 

 

 

 

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Tue, 10 Jul 2018 08:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200455/shanta-meets-us7mln-cost-reduction-target-three-months-early-200455.html
<![CDATA[RNS press release - Total Annualised Cost Reductions Fully Executed ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180710070004_13711305/ Tue, 10 Jul 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180710070004_13711305/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180709070005_13709610/ Mon, 09 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180709070005_13709610/ <![CDATA[RNS press release - Passing of Written Resolutions ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180627070005_13694845/ Wed, 27 Jun 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180627070005_13694845/ <![CDATA[RNS press release - Partial buyback & rollover of loan notes ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180614070003_13679003/ Thu, 14 Jun 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180614070003_13679003/ <![CDATA[RNS press release - Result of Annual General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180613123715_13678341/ Wed, 13 Jun 2018 12:37:15 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180613123715_13678341/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180604143033_13666041/ Mon, 04 Jun 2018 14:30:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180604143033_13666041/ <![CDATA[News - Shanta Gold boosts resource base at Singida ]]> https://www.proactiveinvestors.co.uk/companies/news/198159/shanta-gold-boosts-resource-base-at-singida-198159.html Shanta Gold Ltd (LON:SHG) has significantly boosted the resource base at the Singida gold project in central Tanzania.

Recent drilling hit highlights of 10 metres grading 20.82 grams per tonne gold and five metres at 10.35 grams per tonne.

READ: Shanta Gold tipped for big profit hike as underground operations hit stride

All told the latest round of work has allowed Shanta to boost the measured resource by 56% and the total measured and indicated resource by 12%, with the total now standing at 381,000 ounces grading 2.08 grams per tonne.

The overall resource now stands at 725,000 ounces of gold grading 1.84 grams.

The mineralisation remains open at depth and along strike with numerous parallel structures identified.

Ground geophysical work is now to commence early in the third quarter to test the potential of the two kilometre strike between the Cornpatch and Cornpatch West targets.

Meanwhile, construction of a high voltage power line by Tanzania's Rural Energy Agency (REA) has commenced.

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Mon, 04 Jun 2018 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198159/shanta-gold-boosts-resource-base-at-singida-198159.html
<![CDATA[RNS press release - New JORC Resource Estimate & Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180604070007_13664788/ Mon, 04 Jun 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180604070007_13664788/ <![CDATA[News - Shanta Gold tipped for big profit hike as underground operations hit stride ]]> https://www.proactiveinvestors.co.uk/companies/news/195873/shanta-gold-tipped-for-big-profit-hike-as-underground-operations-hit-stride-195873.html Shanta Gold (LON:SHG), the East Africa-focused gold group, is of one AIM’s producing miners through New Luika in Southwest Tanzania.

The mine started production in 2012 and last year Shanta delivered its first profit, US$4.2mln from 79,585 ounces of gold.

Eric Zurrin, chief executive, said it was a monumental achievement especially with the uncertain situation in Tanzania over the past year.

Shanta, though, has been largely unscathed by the dispute between Acacia and the government and Zurrin is optimistic it can settle the outstanding US$17.9 VAT rebate owing.

Cost cutting

Production costs tumbled at New Luika in the last three months (to June) with further savings expected over the remainder of the year.

Shanta will shift operations at New Luika completely underground from the end of August as sufficient ore has been stockpiled.

Shanta produced 20,544 ounces in the three months to June, up from 17,663oz in the previous quarter, while operating costs dropped to US$505 per oz from US$595.

On a sustaining basis, costs were US$748 per oz, but are expected to drop to within a range of US$680-730 by the year-end.

Sales over the quarter amounted 19,475oz at a price of US$1,302.

Ilunga development brought forward

Zurrin added the company has decided to move forward the start of underground production at the Ilunga deposit by more than a year to mid-2019, with final permitting by the end of this year.

"The cost saving initiatives that were executed in Q4 2017 are now beginning to have a significant impact on both costs and cash flow. The full effect of additional savings executed in Q2 2018 will be seen over the coming months, said Zurrin

Second gold producing asset

Shanta also has the Singida project in central Tanzania, which Zurrin says Singida is an important project as it offers the possibility of a second producing gold mine.

Recent exploration has allowed Shanta to boost the measured resource by 56% and the total measured and indicated resource by 12%, with the total now standing at 381,000 ounces grading 2.08 grams per tonne.

The overall resource now stands at 725,000 ounces of gold grading 1.84 grams.

The plan is to get a third party involved to provide the money for development with Shanta retaining control.

Shanta also holds exploration properties covering over 1,560 sq km in the little-explored ex-colonial mining areas of geologically rich Lupa Goldfield surrounding New Luika as well as 12 square kilometres of prospecting licences at Songea in south-west Tanzania.

Four diamond holes were drilled recently at the Bauhinia Creek East underground mine, where there has already been historical bonanza grade intercepts.

Assays ranged between 4.6 grammes per tonne over 7.5 metres to 39 g/t gold in one narrow section.

Numis happy with second quarter.

Broker Numis expects production to hit 84,000 ounce over the full year at all-in-sustaining-costs of US$699/oz.

The underground operation delivered above the targeted rate of 1,500tpd in the second quarter and Numis expects that to rise further in the second half driven by a combination of tonnage and grade.

Shanta has delivered on promised production growth and cost savings, said the broker, which reiterated its 'buy' recommendation and 12p target price.

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Thu, 26 Apr 2018 12:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195873/shanta-gold-tipped-for-big-profit-hike-as-underground-operations-hit-stride-195873.html
<![CDATA[RNS press release - Posting of Annual Report and Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180424070008_13615509/ Tue, 24 Apr 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180424070008_13615509/ <![CDATA[Media files - Q2 'looking great' for Shanta Gold with production running well ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9125/q2-looking-great-for-shanta-gold-with-production-running-well-9125.html Mon, 23 Apr 2018 13:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9125/q2-looking-great-for-shanta-gold-with-production-running-well-9125.html <![CDATA[RNS press release - Correction - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180423070010_13613736/ Mon, 23 Apr 2018 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180423070010_13613736/ <![CDATA[News - Shanta Gold trims production and cuts debt ]]> https://www.proactiveinvestors.co.uk/companies/news/195347/shanta-gold-trims-production-and-cuts-debt-195347.html Shanta Gold PLC (LON:SHG) reduced production from the New Luika gold mine in Tanzania in its latest quarter as its focus remained on cost-cutting.

Output in the three months to March was 17,663 gold ounces against 21,288 in the previous quarter, though this was in line with the annual target of between 82-88.000oz said the company.

New Luika recently started underground production and Shanta is focused on reducing debt incurred establishing below surface work.

READ: Shanta Gold delivers profits of US$4.7mln as production rings in at 79,585 ounces

Net debt fell to US$37.5mln after an operating cash inflow of US$7.1mln, which is the lowest borrowing level since the end of 2012, Shanta said.

Shanta is also owed US$16.2mln in VAT repayments, while talks are ongoing with the government over sustainability and local involvement in New Luika.

Underlying profits [EBITDA] were US$9.1mln in the quarter, with sales of 17,691oz at a price of US$1,329 per oz.

Cash costs rose slightly to US$599 per oz with all-in-sustaining costs also higher at US$776 per oz.

Eric Zurrin, chief executive said: "The reduction in underground tonnes compared with the previous quarter was in line with the Revised Mine Plan implemented last year.

“Pleasingly, with the government's approval of the tailings storage facility during the period, all major project work required for the underground mine is now complete and operational.

“Continued deleveraging of the balance sheet remains a high priority and, supported by a performing gold price, the production schedule for the remainder of the year puts us on track to make significant headway."

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Thu, 19 Apr 2018 08:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195347/shanta-gold-trims-production-and-cuts-debt-195347.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180419070005_13610208/ Thu, 19 Apr 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180419070005_13610208/ <![CDATA[RNS press release - Q1 2018 Production and Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180419070002_13610156/ Thu, 19 Apr 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180419070002_13610156/ <![CDATA[News - Shanta Gold delivers profits of US$4.7mln as production rings in at 79,585 ounces ]]> https://www.proactiveinvestors.co.uk/companies/news/195028/shanta-gold-delivers-profits-of-us47mln-as-production-rings-in-at-79585-ounces-195028.html Shanta Gold Ltd (LON:SHG) booked a profit after taxation of US$4.2mln for the year to 31 December 2017, against a loss of US$8mln in the corresponding period a year ago, as production continues apace at the New Luika mine in Tanzania.

Average realised gold prices rose to US$1,263 per ounce, and net debt fell to US$39.5mln, a drop of US$4.7mln.

READ: Shanta hits encouraging gold grades in drilling at Singida

Shanta’s costs did rise, and operating cash flow was down, as mining at New Luika transitioned underground.

"We are pleased to report a set of full year results that reflect a sustainable transition to underground mining at New Luika, as well as a new management strategy of cost control and optimisation,” said chief executive Eric Zurrin.

“Considerable inroads have been made into reducing the net debt position and the continuation of this is central to plans for restructuring the company's balance sheet. Recording a profit in 2017 for the first time wouldn't have been possible had the underground operation not been transitioned to on time and within budget and our efforts to optimise the company's recurring cost base will be a key driver towards improving future cash flows. Our priorities for 2018 remain focussed on continued low-cost operational excellence, balance sheet deleveraging, and targeted growth."

Shanta has set production guidance for the current year of between 82,000 and 88,000 ounces of gold at all-in sustaining costs of between US$680 and US$730 per ounce.

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Mon, 16 Apr 2018 08:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/195028/shanta-gold-delivers-profits-of-us47mln-as-production-rings-in-at-79585-ounces-195028.html
<![CDATA[RNS press release - Final Results for the year ended 31 December 2017 ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180416072502_13604799/ Mon, 16 Apr 2018 07:25:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180416072502_13604799/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180412101113_13602052/ Thu, 12 Apr 2018 10:11:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180412101113_13602052/ <![CDATA[News - Shanta hits encouraging gold grades in drilling at Singida ]]> https://www.proactiveinvestors.co.uk/companies/news/194504/shanta-hits-encouraging-gold-grades-in-drilling-at-singida-194504.html Shanta Gold Ltd (LON:SHG) has hit more gold at its Singida project in central Tanzania.

The company conducted exploration and resource infill reverse circulation during the first quarter of 2018 to test down-dip and down plunge continuity of high grade mineralised shoots below the current designed pits.

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

The aim is to update the resource and move it up the inferred to the measured and indicated categories.

Assay results for the first 15 holes have been received and are currently being modelled.

Encouraging mineralised drilling intersections achieved include: 10 metres at 20.82 grams per tonne gold from 138 metres, including 3 metres 57.13 grams.

The company also hit 5 metres at 10.35 grams, and 8 metres at 5.96 grams.

"Singida is an important project in our portfolio that gives us the opportunity of a second producing gold asset,” said chief executive Eric Zurrin.

“These positive drilling results have the potential to enhance the current project economics at Singida as well as improve the prospects of expanding the project beyond the current scope of construction."

 

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Mon, 09 Apr 2018 09:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/194504/shanta-hits-encouraging-gold-grades-in-drilling-at-singida-194504.html
<![CDATA[RNS press release - Singida Gold Mining Project Exploration Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180409082519_13596067/ Mon, 09 Apr 2018 08:25:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180409082519_13596067/ <![CDATA[RNS press release - Director Dealing and Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180316070004_13569275/ Fri, 16 Mar 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180316070004_13569275/ <![CDATA[Media files - Shanta Gold all about growth in 2018 after strong Q4 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8639/shanta-gold-all-about-growth-in-2018-after-strong-q4-8639.html Fri, 19 Jan 2018 12:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8639/shanta-gold-all-about-growth-in-2018-after-strong-q4-8639.html <![CDATA[News - Shanta Gold reports strong final quarter for New Luika Gold Mine with gold production up 17% ]]> https://www.proactiveinvestors.co.uk/companies/news/190218/shanta-gold-reports-strong-final-quarter-for-new-luika-gold-mine-with-gold-production-up-17-190218.html 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."

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Thu, 18 Jan 2018 07:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/190218/shanta-gold-reports-strong-final-quarter-for-new-luika-gold-mine-with-gold-production-up-17-190218.html
<![CDATA[RNS press release - Q4 Production and Operational Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180118070006_13500425/ Thu, 18 Jan 2018 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180118070006_13500425/ <![CDATA[RNS press release - Appointment of Numis as Nomad & Sole Broker ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180117070005_13498812/ Wed, 17 Jan 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180117070005_13498812/ <![CDATA[News - Shanta appoints Luke Leslie as Chief Financial Officer ]]> https://www.proactiveinvestors.co.uk/companies/news/189636/shanta-appoints-luke-leslie-as-chief-financial-officer-189636.html Shanta Gold Ltd (LON:SHG), the East Africa-focused gold producer, developer and explorer, has appointed Luke Leslie as chief financial officer.

Leslie is already a director of Shanta and was already serving as CFO on an interim basis. He also serves on the board of Kincora Copper (CVE:KCC), the Mongolian explorer. He’s previously worked with UBS and Accenture.

READ: Shanta Gold publishes first resource for Singida in Tanzania

"On behalf of the Board, I am extremely pleased that Luke has agreed to become Shanta's CFO on a permanent basis,” said Shanta chief executive Eric Zurrin.

“Luke's background in operational turnaround, strategy and M&A has already improved the company's capital investment decision-making process and lowered the company's cost base, delivering annualised savings of US$8.7mln."

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Mon, 08 Jan 2018 08:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/189636/shanta-appoints-luke-leslie-as-chief-financial-officer-189636.html
<![CDATA[RNS press release - CFO Appointment ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180108070004_13487705/ Mon, 08 Jan 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180108070004_13487705/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180103110733_13483692/ Wed, 03 Jan 2018 11:07:33 +0000 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20180103110733_13483692/ <![CDATA[RNS press release - Change of Registered Office ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20171229070002_13479762/ Fri, 29 Dec 2017 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20171229070002_13479762/ <![CDATA[RNS press release - Blocklisting Six Monthly Return ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20171222130708_13476464/ Fri, 22 Dec 2017 13:07:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20171222130708_13476464/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20171214170255_13466349/ Thu, 14 Dec 2017 17:02:55 +0000 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20171214170255_13466349/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20171208083631_13458859/ Fri, 08 Dec 2017 08:36:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20171208083631_13458859/ <![CDATA[RNS press release - Analyst site visit ]]> https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20171206070005_13455225/ Wed, 06 Dec 2017 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/903/LSE20171206070005_13455225/ <![CDATA[Media files - Shanta Gold publishes first resource for Singida ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8393/shanta-gold-publishes-first-resource-for-singida-8393.html Tue, 21 Nov 2017 08:16:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8393/shanta-gold-publishes-first-resource-for-singida-8393.html