19th Oct 2020 17:10
Shanta Gold Ltd - gold mining company - Reports third quarter gold production of 19,973 ounces for its New Luika gold mine, south western Tanzania, down from 22,216 ounces in the second quarter. Adjusted earnings before interest, taxes, depreciation and amortisation USD22.5 million, up from USD19.4 million in the second quarter.
"During the quarter, Shanta completed the acquisition of the West Kenya Project and started construction at Singida. First gold pour at Singida is targeted for end of 2022. Shanta has a portfolio of high-quality reserves and a pathway to organically grow to a +220,000 per annum producer. At the date of this release the company's net debt has reduced to USD2 m and Shanta is on track to be unhedged by early 2021," says Chief Executive Eric Zurrin.
Current stock price: 19.50 pence
Year-to-date change: shares doubled from 9.55p at end of 2019
By Lucy Heming;Â [email protected]
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