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business|exploration|gold|mining|project|safety|sustainable|drilling

Shanta chases higher output in 2022

24th January 2022

By: Marleny Arnoldi

Deputy Editor Online

     

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Aim-listed Shanta Gold has announced a higher production guidance at between 68 000 oz and 76 000 oz for this year.

The company expects to produce more ounces in the second half of the year, as mining of the high-grade Bauhinia Creek crown pillar, at the New Luika gold mine in Tanzania, starts.

Shanta also expects to publish its maiden sustainability report in the first half of this year.

The company produced 55 280 oz of gold in 2021, meeting its revised guidance of between 55 000 oz and 57 000 oz. Shanta noted a record annual throughput of 834 607 t for the year.

“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. Our robust fundamentals that underpin our business continued to strengthen with an exceptional safety record, strong balance sheet and a self-funded exploration and development programme,” says CEO Eric Zurrin.

He adds that this foundation has enabled Shanta to meet its commitment towards delivering sustainable returns to shareholders – as evidenced by the company having paid inaugural dividends in April and October last year, valued at a combined $2.8-million.

Shanta is set to continue delivering returns, particularly as it conducted its largest exploration programme to date last year, which yielded record drilling results and sets the company on a path to become a 100 000 oz producer by 2023.

Shanta’s New Luika gold mine and Singida project, which will pour its first gold in 2023, are based in Tanzania, while its West Kenya exploration project is based in Kenya.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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