East Africa-focused gold mining company Shanta Gold (AIM: SHG) recently released its production and operational results for the quarter ended 30 June 2022 (Q2 2022), indicating a gold production of 17,527 oz, 54% higher than Q1 (11,408 oz).
Commenting on the results, Eric Zurrin, Chief Executive Officer, said: “At New Luika, the initial Crown Pillar mining has been delivered safely resulting in production being up 54% in Q2 vs Q1, which exceeded our internal expectations.”
El also stressed that the company continues to make progress at Singida, its soon-to-be second operating mine in Tanzania, where the first production is scheduled for Q1 2023.
“Singida will transform Shanta Gold into a +100,000 oz/pa producer with a diversified resource base,” Zurrin explained.
He also reiterated Shanta Gold’s full-year production guidance of 68-76 Koz for 2022, versus 55 Koz it produced in 2021.
New Luika Gold Mine
The New Luika gold mine is located in the Songwe District of Southwestern Tanzania approximately 700km southwest of Dar es Salaam.
The mine’s total gold proven and probable gold reserves are estimated at 3.6 tonnes.