Shanta Gold’s Singida project on track for first production

The construction progress at Shanta Gold’s Singida gold project, in Tanzania, is still on track for first production in the first quarter of 2023.
Company chief executive Eric Zurrin said the project will transform Shanta from a single asset gold producer to a more than 100 000 ounces per year diversified gold miner, with two independent operations generating significant cash flow.
“Never before has Shanta been in this position to capitalise on its growth potential, with a healthy balance sheet in a net cash position, excellent financial flexibility, and ongoing commitment to pay a sustainable dividend to our shareholders,” he said.
Total capital spend at Singida in 2022 is estimated at about $25 million.
“With the near-term introduction of the Singida mine to the Shanta portfolio, in addition to the recent reserves replacement update at New Luika, there is a compelling opportunity for investors to gain exposure to a gold company with a strong production profile, highly prospective exploration opportunities across Tanzania and West Kenya, and a sustainable dividend,” said Zurrin.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished