Shanta posts higher output, profit for 2022

30th March 2023

By: Marleny Arnoldi

Creamer Media Contributing Editor Online


Font size: - +

Aim-listed Shanta Gold finished the 2022 financial year with 18% higher gold production, at 65 209 oz, with strong operational progress having been made across all three of the company’s assets.

Output came from the New Luika gold mine, in Tanzania, with the Singida gold project in the same country nearing first production in the coming weeks.

The Singida project will increase the group’s production by at least 45% to about 100 000 oz/y.

The third asset, the West Kenya project, in Kenya, continues to deliver encouraging assay results including 67 visible gold intersections since drilling in the area started in January 2021.

Shanta has continued with exploration work at new and existing targets, including Miruka, Anomaly 22 and Kimingini, this year.

At New Luika, Shanta continues working on extending the current reserve life of the mine, having added 92 500 oz of contained reserves in 2022.

This while exploration work has also significantly enhanced the Singida project’s upside potential.

Meanwhile, the company posted gross profit of $25.4-million for the year ended December 31, 2022, which is slightly lower than gross profit of $26-million posted in 2021.

Both adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) and operating profit were higher at $29-million and $6-million, respectively, compared with adjusted Ebitda and operating profit of $25-million and $4.7-million in the prior year. 

Shanta reports that its average selling price for gold in 2022 at $1 791/oz was lower compared with the average selling price of $1 801 in 2021.

The board has proposed a final dividend of $1.3-million, or 0.1p apiece, which will be approved by shareholders at a yearly general meeting in April.

CEO Eric Zurrin comments that 2022 was a successful year for Shanta, as 2023 will also likely be, with all three assets offering serious growth opportunities.

The company has set its yearly guidance for New Luika at between 66 000 oz and 72 000 oz, and will release guidance for the Singida mine once it starts with commercial production.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online


Latest News


SME Infratech (PTY) Ltd
SME Infratech (PTY) Ltd

SME specialises in engineering unique products and providing turnkey solutions to meet complex requirements, with a focus on HVAC & Complex...

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...


Latest Multimedia

sponsored by

Magazine cover image
Magazine round up | 26 May 2023
26th May 2023

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.114 0.147s - 92pq - 2rq
Subscribe Now