RE: Q1 Production20 Apr 2017 14:22
Kinda suspected something wasn't quite right with Shanta over the last few months and today we have a reason as to why, I always thought it may have had something to do with low production figures and higher AISC but to be fair the figures are excellent. It's this line in RNS update that worries me.
As a result of the large sum now outstanding in VAT refunds, the Company has deferred non-essential expenditure while it completes the development of the underground at New Luika. This applies to the Singida Pilot Mining Project, exploration drilling and community projects. Shanta is engaged in top level discussions with Government to release the outstanding VAT and is hopeful that this matter will be resolved in the near future.