Shanta Gold has announced gold production of 20,167 ounces in Q1, up from 19,550 in the previous quarter.
The company also reported that is on track to meet its full-year production guidance of between 80,000 ounces and 85,000 ounces of gold.
The New Luika gold mine in Tanzania continues to perform above nameplate capacity, with 174, 069 tonnes milled in the first quarter
The New Luika gold mine in Tanzania continues to perform above nameplate capacity, with 174,069 tonnes milled in the first quarter, compared with 177,913 tonnes in Q4, Shanta said.
The company’s acquisition of Barrick Gold’s assets in Kenya is expected to conclude in mid-2020. The West Kenyan project has an inferred mineral resource estimate of 1.1-million ounces, grading 12.6 g/t gold.
“During the quarter, we announced the acquisition of Barrick’s Kenya assets. As a result, Shanta is expected to transform into a multi-asset and geographically diversified company with a portfolio of low-cost gold mines, and the potential to become a significant producer,” said CEO Eric Zurrin.
The miner’s adjusted EBITDA was $15 million, compared to $8.6 million in the previous quarter.