Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Shanta Gold more than doubles first-half core earnings

22 september 2023

Shanta Gold, a gold producer focused on East Africa, reported a 140% increase in earnings before interest, tax, depreciation, and amortisation (EBITDA) to $33.9 million in the first-half (H1) of 2023, up from $14.1 million the previous year.

It said the growth in production was due to the Singida Gold Mine in Tanzania initiating gold production during the period, along with higher-than-expected gold production at the New Luika Gold Mine (NLGM) also in Tanzania and a consistent increase in the selling price of gold.

Shanta’s revenue for the period was $88.3 million, generated from the sale of 45,402 ounces. This is a significant increase compared to the previous year, during which they sold 27,751 ounces for $51.9 million. The average price of gold sales increased from $1,870/oz in H1 2022 to $1,938/oz in H1 2023.

The output growth was attributed to Singida contributing 10,065 oz during the period and NLGM's strong performance due to improved equipment availability, power reliability, and consistent grades mined from Luika underground stopes.

Shanta chief executive Eric Zurrin expressed confidence in the growth potential of their portfolio.

“During the period, we commenced targeted exploration programmes at Singida to unlock nearly 75 per cent of additional resource not currently in the mine plan and outline new targets, as well as undertaking further exploration and infill drilling at West Kenya which we believe will uncover further significant resources and make new discoveries,” he said.

“In the meantime, our strong production performance, underpinned by an improved output from New Luika, drives us closer towards our guidance of 90,000-98,000 oz gold production for 2023.”

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