Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

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

The effects of the cost reduction programme are likely to show through in third quarter results
Shanta meets US$7mln cost reduction target three months early
Gold production continues from New Luika

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.

 

 

 

 

View full SHG profile View Profile

Shanta Gold Limited Timeline

Related Articles

1527013932_santana1.jpg
May 22 2018
The combination of strong management and stable assets makes the precious metals company one to watch as it continues to extend its reach
Gold pour
March 15 2018
Total gold equivalent ounces (GEOs) produced clocked in at 189,456, up 17% on the 161,289 GEOs produced in 2016...
Picture of drilling rig at Bira prospect
May 14 2018
The Samira greenstone belt hosts the 2.5-million ounce Samira Hill gold deposit across the border in Niger.

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 Investors 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