(Kitco News) - Shanta Gold (AIM: SHG), the East Africa-focused gold producer, today reported gold production of 65,209 ounces in 2022, up 18% from 2021 and below guidance range of 68-76 thousand ounces.
The company also reported adjusted operating cash costs of US$1,014 /oz and all-in sustaining costs (AISC) of US$1,270 /oz in 2022, in line with AISC guidance of US$1150-1275 /oz.
Shanta said that 2023 guidance for New Luika is approximately 66,000 – 72,000 oz at AISC of US$1,200– 1,300 /oz, adding that Singida production guidance to be released following commencement of commercial production (previous life-of-mine plan guided for approximately 32,000 oz pa).
CEO Eric Zurrin commented, "Despite a near miss on guidance, I am happy to report that there are numerous initiatives underway and in place for 2023 to decrease operational risks and optimize production. These include the team adding 40% to the open pit mining capacity with the addition of mining equipment from a second contractor as well as Shanta taking the delivery of a newly purchased underground production rig.
"Elsewhere, the new Singida mine is now 90% complete, with operations being progressed on time and on budget. The mine is currently forecast to add a further 45-50% to the group production profile, transforming the company's short-term future and diversifying the asset portfolio."
Shanta Gold is an East Africa-focused gold producer, developer, and explorer. The company owns the New Luika and Singida mine projects in Tanzania. Shanta also owns the high-grade West Kenya project in Kenya and licences with resources of 1.6 million ounces including 378 koz in the indicated category grading 11.70 g/t.
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