East Africa-focused gold producer, Shanta Gold posted impressive results during the first half this year recording a Profit after tax of $12.7 million, up from loss of $3.1million in H1 2022 according to the company’s unaudited interim financial results for the six months ended 30 June 2023.
The company produced 44,771 ounces of gold during the first half this year as compared to 28,947 ounces produced during the similar period last year.
According to the Shanta Gold Chief Executive Officer Eric Zurrin, the company delivered another set of record-breaking results, reflecting the huge effort from the team at Shanta over the first half of 2023.
“We continue to reach new heights at New Luika and Singida, with record half year revenues of $88.3 million. This was driven by a 55per cent increase in gold production as well as the benefits of a diversified portfolio and strong gold price. As a result, EBITDA was up 140 per cent to $33.9 million,” Zurrin said.
He noted that during the period, his company commenced targeted exploration programmes at Singida to unlock nearly 75 per cent of additional resource not currently in the mine plan and outline new targets, as well as undertaking further exploration and infill drilling at West Kenya adding that the company believes it will uncover further significant resources and make new discoveries.
He noted that the strong production performance, underpinned by an improved output from New Luika, drives the company loser towards our guidance of 90,000-98,000 oz gold production for 2023.
“As we deliver on our strategy, we continue to deliver value for our shareholders. The
Board has declared an interim dividend of 0.10 pence per share, the sixth consecutive period with a dividend paid, totaling cash payments of $8.0 million since 2021.” Zurrin added.