Shanta Gold Ltd - east Africa-focused gold producer, developer and explorer - Posts fall in profit due to mining lower grades of gold than anticipated. Pretax profit in 2021 falls to USD1.0 million from USD39.0 million in 2020. Revenue falls to USD103.6 million from USD147.4 million. The mining of lower grades at the New Luika gold mine in Tanzania resulted in higher production costs, the firm explains. 2021 gold production stood at 55,280, down from 82,978 ounces in 2020. Expects to produce 68,000 to 76,000 ounces in 2022.
Current stock price: 9.11 pence, down 6.6% on Tuesday
12-month change: down 38%
By Tom Budszus; tombudszus@alliancenews.com
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Shanta Gold (SHG)