Shanta Gold Ltd (LON:SHG) said it produced 20,622 ounces of gold from its New Luika mine in Tanzania during the fourth quarter of 2020, up from the 19,973 produced in the third quarter.
Cash costs per ounce produced were US$559. At the end of the period, the company had cash and available liquidity of US$53.5mln, and net cash of US$37.3mln, following a recent placing. Shanta is now unhedged and fully exposed to the gold price.
Adjusted underlying earnings (EBITDA) in the fourth quarter rang in at US$15.6mln.
On the exploration and development side, mine construction at Singida is underway and infill drilling has commenced at West Kenya.
The total resource base now rings in at 3.2mln ounces of gold, with 625,000 in reserves. Extensive ESG activities also continue.
The company expects to produce approximately 80,000 ounces of gold in 2021 at all-in sustaining costs of between US$900 and US$950 per ounce, or between US$1,050 and US$1,100 including development costs.