HomeEast AfricaShanta reiterates production at Singida in early 2023

Shanta reiterates production at Singida in early 2023

Shanta Gold has provided an update on the construction progress at the Singida Gold Project in Central Tanzania.

Eric Zurrin, CEO, commented:

“We’ve reiterated that our Singida Project is progressing on schedule, with first
production due in early 2023. Reaching this milestone will transform Shanta from a single asset producer to a near-term 100,000 oz/pa producer with a diversified revenue stream across two operations, further de-risking our business and placing us in a strong position to maintain our sustainable dividend and fund the highly promising West Kenya asset.

“The encouraging results of our grade control drilling at Singida reinforces our confidence in the strength of the production profile, especially for the first 18 – 24 months of production. This programme is ongoing and we look forward to coming back to the market in due course with further updates.

“We take deep pride in the social impact our projects create for our communities on the ground. Ensuring that we prioritise our local communities in our recruitment process is a key component of this strategy. At New Luika 99.5% of our workforce is Tanzanian and now at Singida, we are delighted to confirm that we have reached 100.0%.

All senior roles at both assets are led by a highly skilled Tanzanian-only management team. This is a proud day for us as a business and we look forward to continuing to support our communities grow and thrive through our investment in the region.