Shanta Gold increased its gold production by 18% to 65 209 ounces (oz) at the end of the 2022 fiscal year as all three of the company's properties registered significant operational growth.
Production was registered at the New Luika gold mine, in Tanzania, while the Singida gold project in the same nation is expected to soon begin its first output.
Singida will boost production for the group by at least 45% to about 100 000 oz per year.
It said its third asset, the West Kenya project in Kenya, has continued to produce encouraging assay results, including 67 visible gold intersections.
Shanta also maintained its exploration efforts at some new and old targets, such as Miruka, Anomaly 22, and Kimingini.
With the addition of 92 500 oz of contained reserves in 2022, Shanta continues to work on prolonging the life of the mine's current reserves at New Luika.
The upside potential of the Singida project has also been greatly increased as a result of exploration activity.
The company's annual guidance for New Luika is set at 66 000 to 72 000 oz, and it will guide the Singida mine once it begins commercial production.
In the meantime, the company reported a gross profit of $25.4 million for the fiscal year that concluded on December 31, 2022, which is a marginal decrease from the $26 million gross profit reported in 2021.
Adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) and operating profit increased from the prior year's adjusted figures of $25 million and $4.7 million to $29 million and $6 million, respectively.
According to Shanta, its average selling price for gold dropped to $1 791/oz in 2022 from $1 801/oz on average in 2021.
A final dividend of $1.3 million, or 0.1p per share, has been proposed by the board and will be voted on by shareholders at the annual general meeting in April.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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