Shanta Gold Q1 update: higher production & improved margins

by Ina King (Potgieter)

Shanta GoldTanzanian 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:

  • Quarterly gold sales of 23 252 oz at an average price of $1 249/oz (this is above the average price of $1 219/oz for the same period)
  • The ROM stockpile at 67 000 t of ore grading 2.1 g/t, this is blended with the high-grade underground ore
  • Shanta sold forward 25 000 oz to October at an average price of $1 292/oz
  • Underground production at New Luika remains on track to reach commercial production during the second quarter of this year

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:

  • Gain direct access to important project management personnel, with key contacts per project guaranteed!
  • Real-time reporting, monitoring, charting and statistical analysis on each mining project
  • A search facility that is easy to use and navigate, with a range of fully customisable search criteria
  • Spark new partnerships for collaboration and create new business opportunities
  • Receive direct email notification of changes and updates to mining project status and new listed projects

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.

This database includes intelligence for 710 gold, 146 coal, 131 uranium, 117 diamond, 98 platinum and 83 iron ore projects across Africa!

Send us an enquiry to find out more about Africa's largest online mining portal!

Benefits to Subscribing to AMIQ

AMIQ tracks over 1 900 projects across Africa. If you want to invest in mining, if you want to invest in Africa, if you provide product or services to mines in Africa, you need AMIQ intel.

Africa Mining IQ has created various analysis reports to provide you with an overview of mining projects in Africa by region, mineral type, and plant type. You can use these reports to analyse growth potential in developing commodity markets and better strategically plan your business development efforts. Africa Mining IQ provides a complete project report for each of the over 1 900 African projects we track, including everything from historical and up to the minute commentaries to contact details for suppliers, engineers and mine owners.

AMIQ has 170 company subscriptions, 20% of which are international. It is becoming easier to do business across the globe. AMIQ is for anyone who supplies a product or provides a service to mines. With key contact details, and being in the know in the early stages of project development, you can build meaningful relationships with the right people and position yourself early for a successful bid for mining projects in Africa. Keep a close eye on developing projects aligned to your business and identify projects, with weekly or monthly alerts. Don’t delay, subscribe to AMIQ today and reap the rewards of comprehensive African mining project intelligence.

Contact Africa Mining IQ today on +27 11 830 2132 to target business opportunities in Africa's growing mining industry!


+ Quick Links


Privacy Policy   Legal Notice   PAI Act   POPI
© Copyright 2019 All right reserved.

Projects IQ - Project Intelligence in Africa