Eric Zurrin’s six-year stint as chief executive with Shanta Gold Limited (AIM:SHG, OTC:SAAGF) was a “transformative period” for the AIM-listed gold miner.
That is according to house broker Liberum, recalling how Zurrin brought the Singida gold mine in Tanzania online, as well as “adding huge growth potential” with West Kenya.
Zurrin oversaw a share increase of 340%, with gold resources tripling to 3.08 million ounces and production rates increasing by 50% to 100,000 ounces per year.
“The company he inherited was a single asset, single country producer, encumbered with debt. It now has two operating assets, New Luika and Singida, as well as the game-changing potential of the West Kenya project,” said Liberum.
Looking forward, Liberum analysts maintained a buy recommendation of Shanta Gold shares with a target price of 18p against a publication price of 13p,