Shanta goes from strength to strength with New Luika plant
Aim-listed Shanta Gold says its processing plant at the New Luika gold mine, in Tanzania, continues to perform above its nameplate capacity, having milled 181 036 t in the quarter ended September 30, compared with the 176 415 t milled in the prior quarter.
Shanta says plant expansions are on track to be complete by early next year, which will increase the plant’s capacity to 708 000 t/y, compared with the current nameplate capacity of 620 000 t/y.
The company produced 19 973 oz of gold in the September quarter, compared with the 22 216 oz produced in the second quarter of the year.
Shanta generated adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $22.5-million in the quarter under review, compared with $19.4-million adjusted Ebitda in the preceding quarter.
During the quarter, Shanta completed its acquisition of the West Kenya project, which has a 1.2-million-tonne resource grading 12.6 g/t gold, for $7-million in cash and $7.5-million in shares, from Barrick Gold.
The company also started construction on its Singida project, in Tanzania, which will produce 32 000 oz/y of gold over the first seven years of the mine life. The first gold pour is expected at the end of 2022.
Shanta has reduced its net debt to $2-million and is on track to be unhedged by early next year.
The company remains on track to meet its annual production guidance of between 80 000 oz and 85 000 oz of gold, at an all-in sustaining cost of between $830/oz and $880/oz.
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