JOHANNESBURG (miningweekly.com) – Following recent changes to the regulatory, operating and fiscal environment in Tanzania, Aim-listed Shanta Gold has decided to refocus its strategy on cost control and shareholder returns.
In line with the new strategy, Toby Bradbury will retire as CEO and will be succeeded by CFO Eric Zurrin with immediate effect.
Bradbury will remain on the company’s board of directors until September to assist with the transition.
Shanta will appoint a new CFO in due course.
“Following the changing business environment in Tanzania, it is important that the company accordingly adapts and refocuses its strategy on cost and capital control. The board and Toby have mutually agreed that the time is right for a new CEO to lead these initiatives.
“Eric knows the company extremely well, having advised Shanta for the last four years prior to being reappointed as CFO in March. His extremely strong finance, investment and commercial expertise will help guide the company through the next stage in its development, which will prove invaluable for Shanta during this evolving period in Tanzania,” commented chairperson Tony Durrant.
“I am delighted to have been appointed to the role of CEO of Shanta Gold and look forward to working with the board and the wider Shanta team as we adjust the company, and its cost base, to the new environment in Tanzania,” added Zurrin.
Shanta operates the New Luika gold mine, as well as other exploration and development projects in Tanzania.