Shanta to list its Singida project on Dar es Salaam exchange
Aim-listed Shanta Gold has proceeded with a targeted $20-million minimum equity offering through an initial public offering (IPO) for its Singida project on the Dar es Salaam Stock Exchange, in Tanzania.
Shanta, which owns the gold project, will retain at least 51% ownership following the IPO.
The IPO proceeds will be used to finance the upfront capital cost to bring the project to production, as well as for exploration to expand the Singida resource.
The Singida project is expected to produce about 26 000 oz/y of gold over an initial six years and will raise Shanta’s gold production to more than 100 000 oz/y from its first full year of production.
The project requires preproduction capital of $16-million and working capital of $3-million. It has a net present value of $31-million.
Most key infrastructure, including water, grid power, resettlement and an operating camp, is already in place.
“As previously communicated, we are focused on bringing Singida into production through an asset-level financing that unlocks value for Shanta shareholders, while also allowing the company to retain a controlling interest in this valuable asset,” Shanta CEO Eric Zurrin commented in a statement issued on Friday.
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