(Alliance News) - Shanta Gold Ltd on Thursday said its Singida gold mine in Tanzania has started commercial production, with all key measurements achieved.
The East Africa-focused gold producer, developer and explorer began production following a quick ramp-up period, reaching nameplate capacity of 1,000 tonnes per day shortly after the first gold pour in March.
Shanta added that all key internal commercial production measurements have been achieved. These include processing rate, plant availability, gold recovery, and plant utilisation.
Nearly six months of feed are already stockpiled at Singida.
"With this key milestone achieved, I can confidently say that Shanta has reached an inflexion point at which the company can now look further forward for its next phase of growth. The cashflow contribution from Singida materially increases financial flexibility for the company allowing management to comfortably take the next steps required in its growth journey," said Chief Executive Officer Eric Zurrin.
Exploration drilling is planned for the third quarter, targeting reserve additions and resource conversion. Shanta will release financial 2023 production guidance for the asset in June.
Shanta Gold shares were trading 2.2% higher at 11.62 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
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