19th Apr 2016 08:56
LONDON (Alliance News) - East Africa-focused gold producer Shanta Gold Ltd on Tuesday said gold production dipped from its New Luika mine in Tanzania in the first quarter.
Shanta said its produced 24,341 ounces of gold in the quarter from New Luika, down from 29,139 ounces a year earlier. Gold sales totalled 21,486 ounces at an average of USD1,132 per ounce, compared to an average spot price of USD1,183 per ounce.
Shanta maintained its annual production guidance and said the start of underground production remains on track for the second quarter of 2017.
"Shanta had a very pleasing start to the year in the first quarter with more ounces being produced at a greater margin than planned," leaving it on track to meet guidance, Shanta Chief Executive Toby Bradbury said.
Shanta shares were down 4.4% to 8.25 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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