Category: Gold

  Shanta Gold released a report  last week Friday on its final results for 2019, reporting revenue of $112.8 million, up from $103.8 million in 2018. The miner’s focus remained on its flagship asset, the New Luika gold mine in southwest Tanzania, throughout the year, it said. The company produced 84,506 ounces of gold, above 2019 guidance of 80,000 ounces. Cash costs were $544 /oz and all in sustaining costs (AISC) were $777 /oz, within 2019 guidance. Shanta reported net debt reduction of 55% to $14.3 million. “2019 was a successful 12-month… Read More Here

Nigeria’s government has licensed two gold refineries to produce the metal for export and for the central bank to hold in its reserves, the mines minister said on Wednesday. Minister of Mines and Steel Development Olamilekan Adegbite told reporters in the capital, Abuja, that licenses had been issued and the central bank would be the main off-taker, holding some of the gold in its reserves. “We have licensed two refineries in Nigeria. They will refine gold and of course produce bullion that the CBN can buy… Read More Here

AIM-listed East Africa-focused gold producer Shanta Gold has entered into a definitive agreement to purchase 100% of the shares of Barrick’s subsidiary Acacia Exploration Kenya, or AEKL, from two subsidiaries of Barrick Gold Corporation. AEKL’s primary asset is a 100% participating interest in licences held by Afriore, which includes an existing high-grade resource. If the deal is approved, Barrick will become Shanta Gold’s fifth largest shareholder with a 6.4% interest in the company. Shanta will acquire the West Kenya project at a fully financed purchase price totaling US$7 million cash,… Read More Here