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Shanta Gold books first half revenue of US$53.6mln, cuts debt by 25%

Gold production was up 11%, and the company set a new quarterly record for tonnes milled

Shanta Gold Limited -
Shanta has plenty of experience of gold production in Tanzania

Shanta Gold Ltd (LON:SHG) has booked revenues of US$53.6mln during the first half 2019 on the production of 42,230 ounces of gold from its New Luika mine in Tanzania.

All-in sustaining costs rang in at US$730 per ounce, well below guidance, and below the US$757 turned in during the corresponding period a year ago.

However, a heavy depreciation charge of US$16mln helped push the company into a loss before tax of just over US$4mln.

Gross debt fell to just over US$30mln from US$40.5mln at the end of the 2018 full year, after principal repayments on borrowings and a US$4.9mln partial buyback of convertible loan notes during the period.

Net debt, excluding bullion available for sale, stood at US$26.9mln, down from the US$31.5mln booked at the end of the full year.

Shanta reiterated its annual production guidance of between 80,000 and 84,000 ounces.

Plans to list Singida Resources Plc on the Dar es Salaam Stock Exchange are continuing apace.

Quick facts: Shanta Gold Limited

Price: 16.75 GBX

Market: AIM
Market Cap: £142.14 m

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