Shanta Gold, East Africa-focused gold producer, recorded a 7% increase in its gold production in 2021, hitting834,607 tonnes.
With its African assets, including New Luika Gold Mine, Singida Project in Tanzania, and West Kenya Project in Kenya, the gold miner’s quarterly gold production, however, went down to 12,244 oz during the last quarter of 2021 from 14,194 oz in the previous quarter.
Gold sales over the year were at an average price of $1,801/oz compared to operating cash costs of $1,081 /oz and sustaining costs per ounce of $1,439 /oz. Current throughput averaged 2,380 tonnes per day during the last quarter of 2021 with the plant exceeding targeted throughput of 2,300.
Shanta Gold expects much higher production in 2022; an annual gold production between 68,000 and 76,000.
While Shanta Gold’s three mining licences at Singida’s Gold Mine was extended for 10 years, the licence for New Luika mine was extended to 2026. The low-cost New Luika Gold Mine, which is located in the Songwe District of southwestern Tanzania approximately 700km south-west of Dar es Salaam, started operations in May last year.
Shanta Gold Limited is a gold mining company, registered in Guernsey in the Channel Islands but which operates in Tanzania. The company is listed on AIM on the London Stock Exchange and had a market capitalisation of £63.5 million as of 18th September 2013. The Tanzanian offices are in Dar Es Salaam.