By Philip Whiterow
Proactive Investors (UK)
Shanta Gold posted its first meaningful revenues as its ramped up production from its New Luika gold mine in Tanzania.
New Luika produced 26,000 ounces during in the half year to June, though revenues were only accounted for after April when the mine moved into commercial production.
With that shortened period, the miner generated revenues of US$14.7mln and cut its net loss to US$1.4mln from US$7mln. The operating loss was 25% lower at US$4mln.
Including all of the gold produced and sold over the six months, revenues were US$36.2mln with the gold produced at an operating cash cost of US$799 per ounce.