Aim-listed gold miner Shanta Gold’s New Luika gold mine in south-west Tanzania, produced an average of 46 300 t/m of gold ore for the second quarter, grading 5.23 g/t, and translating to quarterly production of 20 544 oz of gold, compared with the first quarter’s 17 663 oz.
The higher output was supported by the Bauhinia Creek and Luika deposits.
During the reporting period, Shanta’s cost-savings initiatives, which were executed in the last quarter of 2017, resulted in all-in sustaining costs (AISC) decreasing to $748/oz, compared with the first quarter’s $776/oz.
The full benefit of the cost reductions will be realised from the third quarter, stated the company.
Quarterly gold sales were 19 475 oz, at an average price of $1 302/oz.
Shanta maintains its full-year guidance at between 82 000 oz and 88 000 oz of gold at an AISC of between $680/oz and $730/oz.