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Africa-focused gold miner Shanta reports 'record' performance in 'outstanding' June quarter

Kitco Media
By Vladimir Basov
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(Kitco News) - Shanta Gold (AIM: SHG), the East Africa-focused gold producer, announced Thursday that the company produced 29,403 ounces of gold in Q2 2023, up 68% from Q2 2022 and up 92% from Q1 2023.

The company said that its record performance over the last quarter has been “outstanding”, demonstrating the “immediate clear benefits” of having added Singida to its asset portfolio.

Shanta Gold also reported adjusted EBITDA of US$23.2 million in Q2 2023, which is an increase of 209% compared to adjusted EBITDA of US$7.5 million in Q1 2023. Cash and available liquidity amounted to US$25.0 million at 30 June 2023 (Q1 2023: US$11.5 million).

Importantly, the company reiterated its 2023 production guidance of 90,000 – 98,000 ounces of gold.

CEO Eric Zurrin said, “The future is exciting for Shanta with our two producing assets delivering record results, and yet with room for further growth at Singida and West Kenya, we are confident in the long-term prospects for shareholders.”

Shanta Gold is an East Africa-focused gold producer, developer and explorer. The company’s assets include the New Luika gold mine and the Singida gold mine in Tanzania, as well as the West Kenya project in Kenya.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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