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(Alliance News) - Shanta Gold Ltd on Thursday said it is on track to meet its full-year production expectations despite a slight quarterly dip in gold output at its New Luika mine located in Tanzania.
Total gold produced in the second-quarter of 2019 was 19,856 ounces, down from first quarter output of 22,374 ounces. It was also 3% lower on 20,544 ounces produced in the second quarter of 2018.
Though quarterly gold output fell, production was up 11% year-on-year during the six months to June 30. First half production rose to 42,230 ounces from 38,207 ounces, meaning the company is on track to meet its full-year production target of 80,000 to 84,000 ounces.
During the second quarter, the company sold 19,760 ounces of gold at an average price of USD1,303 per ounce, up from last year when it sold 19,457 ounces at USD1,302 per ounce.
Tonnes of ore milled rose 13% year-on-year in the second quarter to 177,647 tonnes from 157,426 tonnes.
Chief Executive Eric Zurrin said: "Shanta has completed the transition to one of the least geared UK listed gold producers. The company moves into the second half with a strong balance sheet, strong operations, an increasingly attractive orebody and exciting upcoming catalysts."
Shares in Shanta were up 2.4% at 7.83 pence each in London on Thursday afternoon.
