AIM-listed East Africa-focused gold producer Shanta Gold has entered into a definitive agreement to purchase 100% of the shares of Barrick’s subsidiary Acacia Exploration (Kenya), or AEKL, from two subsidiaries of Barrick Gold Corporation.
Features & Analysis
AIM-listed Shanta Gold recently announced an exploration update that significantly extends the life of mine at its New Luika project in Tanzania.
Shanta Gold has revealed some of the best exploration results to date from the 2nd phase of its Bauhinia Creek drilling campaign at the New Luika gold mine.
Shanta Gold announce that the company's plan to reduce its costs by US$7 million on an annualised basis has been achieved, three months ahead of schedule.
The government of Tanzania recently established a Mining Commission in accordance with its new Mining Act. This means that the government can reinstate the issuing of mining licences following the enforcing of a copper and gold concentrate ban and some draconian amendments to mining policy and legislation.
With electricity accounting for about 60% of the processing costs of AIM-listed gold producer Shanta Gold’s New Luika mine in Tanzania, greater emphasis has been placed on creating a leaner cost structure, not only at the mine but throughout the company.