Shanta Gold Limited

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Market Cap:
£114.33 m
14.40 GBX
52 weeks high
52 weeks low

The New Luika Gold Mine (100% owned) is a low cost, established, cash generative operation boasting high grade resources rarely found around the world. Shanta is focused on delivering maximised sustainable value for shareholders from this mine, and other assets in its portfolio, through meticulous expert management throughout the business.

Alongside New Luika, Shanta owns Singida, an exploration and development stage project, located in central Tanzania. A portion of the Singida asset is held in a joint venture of which Shanta has a 90% interest.

Shanta also holds exploration properties covering over 1,560 km2 in the under explored ex-colonial mining areas of the geologically rich Lupa Goldfield surrounding New Luika as well as 12 km2 of prospecting licences at Songea in south-western Tanzania.

Shanta has established a solid operational track record which has allowed it to embark on an exciting exploration campaign across its large and highly prospective licence areas. This exploration programme is targeting new resources to extend the mine life of New Luika as well as increasing resources at Singida project in central Tanzania.  

Shanta Gold is listed on the Alternative Invesment Market (AIM) of the London Stock Exchange (ticker: SHG).

Operations Overview

With its abundance of natural resources, thriving economy and booming tourism industry, Tanzania is an attractive country for business and investment.

Gold mining has been prominent in Tanzania for more than a century making it Africa's fourth largest gold producing country. Nonetheless, the country remains comparatively under-explored.

Shanta Gold's portfolio of properties includes mining licences held at both New Luika and Singida.

New Luika Gold Mine

The New Luika Gold Mine is located in the Lupa Goldfield of southwest Tanzania. Our flagship asset delivered 87,713 ounces of gold in 2016. Underground ore was produced from the first stope in the Bauhinia Creek deposit in May 2017 and the mine has now successfully transitioned from an exclusively surface mining operation to one that is predominantly underground.

Singida Project

Singida is an advanced stage exploration and development project with a mining licence granted in 2012. Drilling results from an exploration programme to expand the understanding of the deposit in 2016 have increased the Company’s confidence that, subject to an updated Feasibility Study, Shanta will be able to significantly add to its production of low cost ounces, at a competitive capital cost.


The Lupa Goldfield is the second largest goldfield in Tanzania outside of the Lake Victoria Goldfield. From 1935 to 1959 an estimated 650,000 ounces of gold were extracted from the area.

Through its Tanzanian subsidiaries, Shanta Gold holds over 1,560 km2 of prospective exploration ground with a further 101 km2 under application in the Lupa Goldfield.

For further information on the current operations please click here 


Anthony Durrant


Mr Durrant has had a long and distinguished career in the global natural resources sector, having formerly been the Global Head of Metals & Mining at UBS Investment Bank. He is currently Chairman of the Investment Advisory Committee of New York based Arias Resource Capital Management, which manages private equity funds investing in Latin American mining. Mr Durrant brings significant experience in capital markets and natural resources. Mr Durrant has longstanding links to East Africa.

Eric Zurrin


Eric Zurrin has 15 years’ experience in mining and investment banking, previously with UBS Investment Bank in London. Eric re-joins Shanta having previously worked across a range of roles with Shanta including as interim CFO in 2015/2016 leading the financial restructuring and as a Commercial Analyst advising the former CEO in 2013. Eric is a Canadian national and has worked and lived in North America, the UK, Asia and Africa. Eric completed his Bachelor of Commerce (Accounting) in Canada.

Luke Leslie


Luke is a mining investor with a background in Mergers & Acquisitions. Luke is the Chairman of Kincora Copper (KCC:TSE), a Canadian listed company, and was previously Co-Head of Trafigura-Origo and a member of UBS Investment Bank's Corporate Finance team. Prior to that Luke was a management consultant with Accenture where he specialised in post acquisition integration and cost reduction strategies.

Ketan Patel


Mr Patel was a founder of Shanta Mining Company Limited (now a subsidiary of Shanta Gold) in 2001 and is a member of the Audit and Sustainability committees, chairing the Sustainability committee. He has worked extensively in trading organisations in the UK and since 1986 has traded agrocommodities internationally. Mr Patel has extensive commercial interests in Tanzania and is a senior director of Export Holdings (Pty) Ltd and Managing Director of the Sea Cliff and White Sands Hotel in Dar es Salaam.

Robin Fryer


Mr Fryer is a chartered accountant and US certified public accountant and chairs the company’s Audit committee. He had a long and distinguished international career with Deloitte where he led the global mining and metals industry practice. Mr. Fryer has advised some of the world’s largest mining companies, including several Africa-based companies.

Keith Marshall


Mr Marshall is a mining engineer with over 35 years’ experience in the sector enabling him to accumulate a wealth of technical and managerial expertise with the last fifteen years spent in senior mine leadership roles. Mr Marshall’s last two operational roles were both with Rio Tinto, with whom he has worked for 22 years, as Managing Director of the Palabora Mining Company in South Africa and as President of the Oyu Tolgoi Project in Mongolia. He chairs the company’s Remuneration committee.


Shanta Mining Co. Ltd
202, 2nd Floor, Renaissance Plaza,
Plot No. 498, Haile Selassie Road,
P.O. Box 79408
Dar es Salaam,

Contact numbers

Tel:+255 22 2925148-50
Fax: +255 22 2925151
Email: [email protected]

Please click here for significant shareholders 

Secretary and Registered Office:

PO Box 91
11 New Street
St Peter Port
Guernsey GY1 3EG
Tel: +44 (0)14 8172 6034
Contact: Valerie Goodwin

Nominated Adviser and Broker:

(Nominated Adviser & Broker)
The London Stock Exchange Building, 10 Paternoster Square
London EC4M 7LT
Tel: + 44 (0)20 7260 0000
Contact: Paul Gillam / John Prior / James Black

Financial Public Relations:

1 Cornhill London
Tel: +44 (0) 207 920 3150
Contact: Charles Vivian / Jos Simson / Barney Hayward
Email: [email protected]

Memery Crystal
44 Southampton Buildings
London WC2A 1AP

Carey Olsen
8-10 Throgmorton Avenue

Principal Bankers:
Place Pury 5
2000 Neuchâtel