East Africa-focused gold producer Shanta Gold is on track to be a 100 000 ounces (oz) gold miner by the first quarter of 2023 when Tanzania’s Singida gold project comes onstream.
“We believe there is an upside opportunity at Shanta that investors are beginning to see, with material upside in the value of the market capitalisation not currently recognised,” said company chief executive Eric Zurrin.
Shanta received a $20-million Stanbic loan to help develop Singinda.
The company commenced construction of Singida in late 2020, which will be its second operating mine in Tanzania.
Shanta is projected to produce between 68 000 oz and 76 000 oz of gold this year.
Meanwhile, Zurrin said Shanta will be committed to the betterment of the environment, social and corporate governance (ESG) and community investment.
“We have also focused on improving our ESG capabilities over the past year and that was reflected in the release of our first sustainability report,” he said.
“Operating and collaborating in a responsible manner is central to our culture and corporate purpose, and we will be looking to proactively build on this disclosure in 2022 and beyond.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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