Aim-listed Shanta Gold has announced the first gold pour, of 35 oz, at the Singida gold mine in central Tanzania on March 30, on schedule and within budget.
There are about 500 oz of gold currently in the carbon-in-leach and gravity circuit.
“This is a significant milestone and inflection point for Shanta, one that marks our next phase of growth as a 100 000 oz/y gold producer. With first production at Singida completed, the mine will add 45% to 50% to the group’s annual production profile.
“We are now positioned to capitalise on our full growth potential, armed with a diversified resource base, a de-risked balance sheet and financial flexibility,” acclaims CEO Eric Zurrin.
He says that this is also an important milestone for the Ikungi region of central Tanzania.
“We have invested in the project to ensure it delivers sustained and long-term benefits to the local community and the wider Tanzanian economy.
“Through increased local employment and subsequent economic activity, as well as our investment in initiatives focused on improving health, water and education services, Singida has already started to transform the social and economic potential of the region,” Zurrin highlights.
The Singida mine will employ about 270 Tanzanian nationals as permanent staff.
“Importantly, the project was delivered on time and on budget, a testament to our dedicated project management team. Despite globally inflationary cost pressures, no material capital cost inflation was incurred in the construction costs.
“This was a direct result of the excellent supervision, advanced planning, and overall flexibility from the Singida team in Tanzania,” Zurrin notes.
Looking ahead, he says Singida is transitioning from a cost centre to a cash generator.
“As our focus turns to mine life extension, we are confident that we will unlock further long-term value for our shareholders,” he notes.
The Singida 2023 guidance and five-year mine plan is expected to be communicated in the second quarter.
Source: Mining Weekly
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