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Shanta starts Illunga decline development ahead of schedule

By: Marleny Arnoldi     3rd September 2018 Development of the Illunga underground decline at Aim-listed Shanta Gold’s New Luika gold mine, in Tanzania, has started three months ahead of schedule, with first ore expected in mid-2019. "We will shortly have three active sources of high-grade ore following the start of underground... 

Shanta lifts H1 profit

By: Anine Kilian     16th August 2018 Aim-listed Shanta Gold has reported earnings before interest, taxes, depreciation and amortisation of $23-million for the half year ended June 30, 2018,  up from $21.5-million in the first half of 2017. This was achieved despite fewer ounces being sold in the half year and increased royalty... 

Shanta achieves lower AISC for Q2

By: Marleny Arnoldi     19th July 2018 Aim-listed gold miner Shanta Gold’s New Luika gold mine in south-west Tanzania, produced an average of 46 300 t/m of gold ore for the second quarter, grading 5.23 g/t, and translating to quarterly production of 20 544 oz of gold, compared with the first quarter’s 17 663 oz. The higher output... 

Shanta three months ahead of plan to reduce costs

By: Simone Liedtke     10th July 2018 East Africa-focused gold miner Shanta Gold is three months ahead of its plan to reduce costs by $7-million on an annualised basis. Since announcing its target to reduce annualised costs by a further $2-million in January, the Aim-listed company has achieved an additional $2.1-million of recurring... 

Shanta announces partial buyback, extension of loan notes

By: Marleny Arnoldi     14th June 2018 Aim-listed gold miner Shanta Gold has received irrevocable undertakings from the majority of holders of the company’s outstanding unsecured subordinated convertible loan notes that are due in April 2019, to buy back some of those loan notes and to extend the maturity date of the remainder of the... 

Shanta Gold achieves exploration objectives at Singida gold mining project

By: Simone Liedtke     4th June 2018 Aim-listed Shanta Gold has achieved its objective of the 1 600 m reverse circulation drilling programme, which targeted two of the seven key targets at its Singida project, in Tanzania, to upgrade resources from the inferred to the measured and indicated (M&I) categories. The M&I resources have... 

Shanta reports lower Q1 gold production

By: Simone Liedtke     19th April 2018 Aim-listed Shanta Gold remains on track to achieve its guidance of 82 000 oz to 88 000 oz in 2018 at an all-in sustaining cost (AISC) of between $680/oz and $730/oz, despite the New Luika gold mine, in south-west Tanzania, reporting lower production. Production in the March quarter reduced to 17... 

Shanta records maiden profit following strategy implementation

By: Natasha Odendaal     16th April 2018 Aim-listed Shanta Gold turned the profit tide in the year ended December 31, 2017, posting a maiden profit after tax of $4.2-million, compared with the 2016 loss after tax of $8-million. The East Africa-focused gold producer, developer and explorer posted an operating profit for the year of... 

Latest drilling results show potential to upgrade Singida economics

By: Anine Kilian     9th April 2018 East Africa-focused Shanta Gold has reported positive reverse circulation (RC) drilling results at its Singida project, in Tanzania.  Encouraging mineralised drilling intersections achieved include 10 m at 20.82 g/t of gold from 138 m, including 3 m at 57.13 g/t. 

Shanta expects to produce up to 88 000 oz of gold this year

By: Megan van Wyngaardt     18th January 2018 East Africa-focused gold developer Shanta Gold’s New Luika mine, in Tanzania, produced 21 288 oz of gold in the three months ended December 31, a quarter-on-quarter increase of 17%. This brought the Aim-listed miner’s full-year production to 79 585 oz, in line with its 80 000 oz guidance, but... 

Shanta appoints permanent CFO

By: Natasha Odendaal     8th January 2018 Shanta Gold has appointed Luke Leslie as CFO on a permanent basis, effective January 1. Leslie was appointed interim CFO in September 2017, after having served as a nonexecutive director of the company since 2012. 

Shanta reaches cost-reduction goal

By: Anine Kilian     20th November 2017 In keeping with its previously announced strategy of optimising the financial performance of its operations, Aim-listed Shanta Gold has reduced annualised costs by $5.1-million, the company said in a statement on Monday. The company noted that the full benefit of this reduction would be achieved... 

Shanta receives $3.4m VAT refund from Tanzania government

By: Creamer Media Reporter      8th November 2017 Aim-listed Shanta Gold has received a $3.4-million value-added tax (VAT) refund from the government of Tanzania. The refund is made up of a $1.9-million offset against corporate taxes payable in 2016 and 2017 and a cash payment of $1.5-million. 

Shanta expects new strategy to bolster future quarters

By: Natasha Odendaal     19th October 2017 Aim-listed Shanta Gold expects to deliver a stronger operational and financial performance during the next few quarters as it shifts into a new strategy of improving profitability and reducing debt following legislative changes in Tanzania. The East Africa-focused gold producer, developer and... 

Shanta Gold, Helio in dispute over termination of arrangement agreement

By: Creamer Media Reporter      6th September 2017 TSX-V-listed Helio Resource Corp has rejected Aim-listed Shanta Gold’s termination of an arrangement agreement with Helio and says it will “vigorously” enforce its rights under the agreement. Shanta in June agreed to buy Helio in a £3.5-million all-scrip deal that would have given it control of... 

Shanta firms up operations and management structures

By: Natasha Odendaal     5th September 2017 Following a business review in the wake of legislative changes in Tanzania, Aim-listed Shanta Gold is optimistic of emerging with a leaner cost structure, an enhanced focus on increased cash generation, greater internal Tanzanian leadership and reduced financial risk. With new initiatives in... 

Shanta cancels Helio transaction, New Luika on track to meet FY guidance

By: Anine Kilian     18th August 2017 East Africa-focused Shanta Gold has cancelled its proposed £3.5-million buyout of TSX-V-listed Helio Resources. The transaction, which was announced in June, would have given Shanta control of Helio’s assets, adjacent to its own New Luika gold mine, in Tanzania. 

Shanta CEO retires as company adapts to regulatory changes in Tanzania

By: Creamer Media Reporter      3rd August 2017 Following recent changes to the regulatory, operating and fiscal environment in Tanzania, Aim-listed Shanta Gold has decided to refocus its strategy on cost control and shareholder returns. In line with the new strategy, Toby Bradbury will retire as CEO and will be succeeded by CFO Eric Zurrin... 

Shanta to review cost base in light of new legislation, higher royalties

By: Creamer Media Reporter      19th July 2017 East Africa-focused Shanta Gold is undertaking a business review of its operational and cost base in Tanzania, where it operates the New Luika mine, following the introduction of new legislation and higher royalty rates. The Tanzanian Parliament earlier this month enacted the Natural Wealth and... 

Shanta agrees to buy Canadian junior Helio; nearly doubles Tanzania resource base

By: Megan van Wyngaardt     20th June 2017 East Africa-focused gold miner Shanta Gold on Tuesday agreed to buy TSX-V-listed explorer Helio Resources in an all-scrip deal valued at about £3.5-million. The acquisition will give Shanta control of Helio’s assets located immediately next to its flagship New Luika gold mine (NLGM), which... 

Shanta receives power station equipment financing

By: Anine Kilian     22nd May 2017 Aim-listed Shanta Gold has received $10-million in financing from Exim Bank Tanzania following the commissioning of a 7.5 MW power station, at its New Luika gold mine, in Tanzania. The four-year term loan will amortise quarterly, bearing variable interest at 7.25% a year. 

Shanta completes €2.1m equipment financing deal

By: Anine Kilian     18th May 2017 Aim-listed Shanta Gold has completed a €2.1-million finance agreement with Sandvik Mining and Construction for the purchase of underground mobile equipment for its Tanzania-based New Luika gold mine. The financing is repayable quarterly, in two tranches, over respective 36 month periods. 

Revised mine plan, updated reserves extend life of Shanta’s New Luika mine

By: Mia Breytenbach     24th March 2017 Aim-listed Shanta Gold has announced a revised mine plan for its New Luika gold mine, in Tanzania, for January 2017 to December 2023, as well as an updated reserve plan for the mine. The revised mine plan is expected to result in a 39% increase in forecast gold production for 2017 to 2023, from... 

Shanta confident of Q2 maiden resource for Nkuluwisi

By: Natasha Odendaal     8th March 2017 A maiden resource for the Nkuluwisi prospect, located near the New Luika gold mine, in southwest Tanzania, is on track for delivery in the second quarter of 2017, Aim-listed Shanta Gold said on Wednesday. The reverse circulation (RC) drilling results of the Nkuluwisi mineralised target are... 

Shanta Gold achieves record production, costs at New Luika

By: Megan van Wyngaardt     19th January 2017 East Africa-focused gold producer Shanta Gold on Thursday reported that it had beaten full year guidance on both cost and volume at its New Luika gold mine (NLGM), in southwest Tanzania. This follows record gold production of 87 713 oz for the year ended December 31, at an all-in sustaining cost... 

Shanta ‘strikes gold’

By: African News Agency      17th December 2016 Shanta Gold, the Aim-listed East Africa-focused gold miner, said on Friday that the underground development had intersected first mineralisation at the Bauhinia Creek deposit on Thursday. CEO Toby Bradbury said the New Luika gold mine remained on track to commence first excavation of ore in the... 

Shanta receives $5.25m silver streaming payment

By: Anine Kilian     17th November 2016 East Africa-focused gold producer Shanta Gold has received an advanced payment of $5.25-million as part of a silver streaming agreement (SSA) with privately held Guernsey-based investment company Silverback. The SSA was signed in May. 

Shanta Gold strengthens financial position through share placing

By: Anine Kilian     6th May 2016 East-Africa focused gold producer Shanta Gold has successfully completed an oversubscribed bookbuild for the conditional placing of about 111-million new ordinary shares. These shares were conditionally placed by stockbroking and advisory house Peel Hunt at 6.5p a share, with certain existing,... 

Shanta CFO resigns

By: Megan van Wyngaardt     14th October 2015 Shanta Gold CFO and executive director Patrick Maseva Shayawabaya has resigned to pursue other opportunities in Zimbabwe, effective October 31. Eric Zurrin would step in as interim CFO. He holds a Bachelor of Commerce (Accounting) degree and has 12 years' experience in mining and investment... 

Shanta secures $40m loan

By: Megan van Wyngaardt     28th May 2015 East Africa-focused gold production and exploration company Shanta Gold has secured $40-million in loan facilities from Investec Bank. The company said that its operating subsidiary Shanta Mining Company, would use $20-million of the $40-million loan facilities to refinance an existing bank loan... 

Shanta falters in Q1 after record 2014

By: Natasha Odendaal     20th April 2015 Despite delivering a record operational and financial performance for the year to December 2014, the first quarter of the new financial year saw East Africa-focused gold producer Shanta Gold falter against operational challenges. During the 12 months to December 2014, Shanta achieved 31% higher... 

Shanta posts first operating profit

By: Leandi Kolver     1st September 2014 East Africa-focused gold producer Shanta Gold on Monday announced its first operating profit of $11.1-million for the six months ended June 30. The company, which started commercial production in 2013 increased its gold production 10% year-on-year to 42 194 oz for the six months. 

Shanta Gold signs $30-million debt facility

By: Idéle Esterhuizen     10th January 2013 East African-focused gold mining company Shanta Gold on Thursday said it had signed and drawn down a $30-million medium-term facility with First National Bank (FNB). The facility, which is secured over the shares and business assets of Shanta Gold's Tanzanian subsidiary, Shanta Mining Company,... 

Shanta appoints former Zimplats boss as CEO in restructuring

By: Idéle Esterhuizen     23rd August 2012 East African-focused mining company Shanta Gold on Thursday said its CEO Gareth Taylor would step down on September 30 and be replaced by former Zimplats CEO Mike Houston, as part of the company’s restructuring of its management and board of directors. Shanta said it would make board changes in... 

Shanta hikes New Luika resource 52%, on track for first gold pour 

By: Megan van Wyngaardt     30th July 2012 East Africa-focused near-term gold production and exploration company Shanta Gold on Monday said that resources at its New Luika gold mine, in Tanzania, had increased by 52% to 1.48-million ounces at an average grade of 3.22 g/t. The indicated resources increased by 80% to 0.83-million ounces... 

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