Aim-listed Shanta Gold says it achieved its core objectives for 2020, with gold production and costs in line with guidance.
The company also "produced another notable safety performance", CEO Eric Zurrin states in a production and operational results release.
Shanta owns the New Luika gold mine (NLGM) and the Singida project, in Tanzania, and the West Kenya project in Kenya.
Zurrin says the company is operating drilling campaigns at each of its three projects and expects to increase group reserves during the course of the year.
“Exploration is likely to be the primary driver for creating shareholder value in the coming years,” he says.
Meanwhile, the company produced 20 622 oz of gold in the fourth quarter of 2020, taking full-year output to 82 978 oz, in line with the guided 80 000 oz to 85 000 oz.
Shanta ended the year with cash and available liquidity of $53.5-million and reported adjusted earnings before interest, taxes, depreciation and amortisation of $63.8-million.
Cash costs of $579/oz and all-in sustaining costs (AISC) of $841/oz were at the lower end of 2020 guidance.
This year, Shanta expects to produce about 80 000 oz of gold at an AISC of $900/oz to $950/oz on a like-for-like basis and $1 050/oz to $1 100/oz including development costs.