Shanta Gold PLC expects production to rise in 2022 as mining of the high-grade Bauhinia Creek crown pillar at the New Luika mine in Tanzania commences in May.
The gold miner produced 55,280oz in 2021, which was in line with its revised guidance, with 12,244oz from the final quarter of the year.
Gold sales over the year were at an average price of US$1,801 compared to operating cash costs of US$1,081 /oz and sustaining costs per ounce of US$1,439 /oz.
Eric Zurrin, chief executive, said: "Despite some challenges in 2021, we are pleased to have exited the year in line with our revised guidance and forecasted production growth for 2022.
"Looking ahead to 2022, we've announced increased production guidance of 68,000 - 76,000 oz, with production weighted towards the second half of the year.”
Gross debt at the year-end was US$2.4mln after the repayment of US$10mln convertible loan notes,
Shanta paid out its first dividends in April and October and also spent US$10.9mln on development and exploration.
"We remain committed to self-financed growth and with the largest exploration programme in our history conducted in 2021 yielding record drilling results at West Kenya and a near-term production asset at Singida," Zurrin added.