Shanta Gold, the East African focused gold mining company listed at AIM, the London Stock Exchange’s international market for smaller growing companies, published its latest update on Tanzania operations.
Shanta Gold commenced gold production at the New Luika Mine in Tanzania at the end of August 2012.
According to the update the company gold production at the mine totalled 5,748oz in Q4 2012 with a further 1,917oz of gold absorbed on carbon which has since been converted to dore, a gold and silver bullion remaining in a cupeling furnace after removal of the oxidized lead.
Mr Mike Houston, CEO of Shanta Gold commented “I am pleased […] to report that we are making progress in achieving both our operational and commercial goals”.
He also confirmed that the current improvements at production level combined with the company’s strengthened financial position, has provided a sound base to meet the target production of 70,000oz for 2013.
Tanzania is currently Africa’s third-largest gold-producing country only after South Africa and Ghana with gold exports totalling more than USD 2 Billion.
The current contribution of the mining sector to the country’s GDP is 2.3% with expectation to reach 10% by 2025.