Shanta Gold Ltd (AIM:SHG, OTC:SAAGF) topped 100,000 oz of gold produced for the first time in 2023 as its new mine at Singida in Tanzania continued its good start.
Singida helped offset a moderate slowdown at New Luika, also in Tanzania, said Eric Zurrin, Shanta’s chief executive.
For the current year, Shanta expects output to rise to between 100-106,000oz at all-in-sustaining costs of US$1,300 to $1,350 per oz.
Over the next four years, production is forecast to rise to an average of 169,000 oz a year and the higher costs in 2024 reflect more exploration to achieve the target, said the statement.
A bid from Saturn Resources worth £142 million or 13.5p per share was recommended by Shanta’s board last year.
Zurrin commented: “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.
“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.
“Our 2024 focus is to ensure long-term sustainable production meaning further investment into the assets through exploration.”
