Shanta Gold Ltd (LON:SHG) said it produced 19,973 ounces of gold from its New Luika mine in Tanzania during the third quarter of 2020.
That, in turn, generated underlying earnings (EBITDA) of US$22.5mln, with all-in sustaining costs (AISC) at US$883 per ounce, the group added.
The company closed out the period with net debt of US$5.1mln, following a US$7.8mln cash payment related to the acquisition of the new West Kenya project.
Shanta is also on track to be unhedged by January 2021.