Tanzanian mining powerhouse, Shanta Gold, recently announced that its New Luika gold mine produced 20 416 oz of gold in the quarter ended March 31, improving the company’s margins and keeping it on track to meet its 2017 guidance.
“Shanta Gold had a promising start to the financial year with more ounces produced, at a greater margin than planned, ensuring the company is on track to meet its 2017 guidance of 80 000 oz to 85 000 oz at an all-in sustaining cost of $800/oz to $850/oz,” comments Toby Bradbury, CEO, Shanta.
First quarter progress for New Luika:
However, owing to the move underground, the mining company projects Q2 gold production to be its lowest for 2017 as it moves through the ramp-up process of the underground production. Bradbury added that the forthcoming release of a maiden resource for the Nkuluwisi prospect close to New Luika “further underpins shareholder value”. The drilling assay results to inform a maiden resource for the prospect are expected in the second quarter.
Need more information of New Luika gold mine?
Africa Mining IQ has been tracking and reporting its every progress since exploration began in on 2005. Our team of researchers regularly document the mine’s progress, from financial outputs to EPCM tenders, allowing you to stay up-to-date with the mine’s progress.
In fact, Africa Mining IQ has detailed information on 12 of Shanta Gold’s gold mining projects, including Mgusu, New Luika Gold Mine, Katario, Simba Nguru, Singida, Songea, Black Tree Hill, Bauhinia Creek, Luika, Ilunga Jamhuri Creek and Elizabeth Hill project.
How Africa Mining IQ gives you exclusive mining intelligence:
A subscription to Africa Mining IQ gets you exclusive access to Shanta Gold’s latest mining projects, this intelligence includes:
Get a foothold in this industry with unparalleled mining intelligence!
Africa Mining IQ is Africa's largest online database for mining intelligence on the continent, with over 1 850 mining projects currently listed.
We provide a wide range of essential mining information on our online database, including key contacts for mining projects, that currently assists over 170 businesses grow their operations across the continent. This information is maintained and updated daily, ensuring the Africa Mining IQ database is accurate, reliable and relevant.
Send us an enquiry to find out more about Africa's largest online mining portal!
Contact Africa Mining IQ today on +27 11 830 2132 to target business opportunities in Africa's growing mining industry!
The following leading companies use Africa Mining IQ: