Tanzanian gold magnate Ketan Patel has seen the market value of his stake in Shanta Gold Limited slump by millions of dollars, as shares in the East Africa-focused gold producer lose more than half their value since the year began.
As of July 26, shares in the gold mining company were trading at £0.103 ($0.129), 28.57 percent lower than their opening price on April 13 on the London Stock Exchange this morning.
Shanta Gold, an East Africa-focused gold producer, boasts two defined ore resources in Tanzania and exploration licenses covering about 1,100 square kilometers.
The company’s flagship project is the New Luika Gold Mine in the Lupa Gold Field in southwestern Tanzania.
Ketan Patel, the founder of the Tanzania-based mining company, presently holds a 4.22-percent stake in Shanta Gold, amounting to 44,274,017 ordinary shares.
Data gathered by Billionaires.Africa revealed that Patel, the Tanzanian businessman who founded Shanta Gold in 2001, has seen a £1.8-million ($2.3 million) loss in the market value of his stake in the last 104 days.
The $2.29 million slump in his stake can be linked to a sustained sell-off of shares in the East Africa-focused gold producer, as investors trim down their positions in the company.
As a result of the sustained sell-off, Shanta Gold’s share price has declined from £0.14 ($0.181) on April 13 to £0.10 ($0.129) as of the time of the drafting of this report.
Since the year began, the market value of Patel’s 4.22-percent stake has dropped from £6.2 million ($8 million) at the closing of business and trading on April 13, 2023,, to £4.4 million ($5.7 million) as of report writing.
This translates to a £1.8 million ($2.3 million) loss for a multimillionaire gold magnate since the start of the year.