19th Jan 2016 08:40
LONDON (Alliance News) - Shanta Gold Ltd on Tuesday said its gold production hit a record level in the fourth quarter at the New Luika mine in Tanzania, helping it to outpace its production guidance for 2015.
Shanta said its gold production for the quarter to the end of December was 29,139 ounces, up from 24,532 ounces in the third quarter. Total gold production for the year hit 81,873 ounces, well ahead of its guidance for production of 72,000 to 77,000 ounces. Shanta lifted its guidance for gold production in 2016 to 82,000 to 87,000 ounces.
Gold sales in the fourth quarter hit 29,228 ounces at an average price of USD1,087 per ounce, while Shanta's gold sales for the full year were 80,622 ounces at an average price of USD1,163.
"Shanta's fourth quarter performance has rounded off a year of sustained operational improvement. Production and cost forecasts set in April 2015 have been exceeded, with more ounces being produced at a greater margin," said Toby Bradbury, Shanta's chief executive.
Shares in Shanta were up 14% to 6.435 pence, one of the best performers in the AIM All-Share early Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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