Shanta Gold surpassed its 2023 production guidance despite a moderate slowdown at New Luika in Tanzania, enabling the company to benefit from a strong gold price environment with healthy returns to investors.
The company produced 100,571 ounces (oz), 2.6% ahead of the upper end of 2023 guidance of 98,000 oz.
New Luika produced 71,248 oz, while Singida recorded an output of 29,323 oz.
“Our newest project to come onstream, Singida, has performed well in its first phase of commercial production, and the new five-year plan shows potential for expansion but will require the necessary investment to deliver it,” said company chief executive Eric Zurrin.
“It's exciting to see the hard work from the team come to life over the past few years, culminating in us reaching a milestone annual production target of 100,000 ounces.”
He said their 2024 focus is to ensure long-term sustainable production, meaning further investment in the assets through exploration.
Shanta projected an output of between 100,000 and 106,000 oz in 2024.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
