• About Us
  • Contact
Thursday, July 10, 2025
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Sectors Mining

Tanzania-based Saturn Resources acquires Shanta Gold for $180 million

by Editor
21/12/2023
in Mining
0
Tanzania-based Saturn Resources acquires Shanta Gold for $180 million
Share on FacebookShare on Twitter

East Africa-focused Shanta Gold said on Wednesday it had agreed to a £141.95 million ($180.7 million) takeover bid by Tanzania-based Saturn Resources.

Under the deal, Shanta shareholders will be entitled to receive 13.5 pence a share, which represents a 6.7% premium to Tuesday’s closing price of 12.65 pence. They will also be entitled to receive an interim dividend of up to 0.15 pence a share, the company said.

Saturn Resources, which is part of ETC Holdings, said the move came as the valuation of publicly listed gold companies has de-rated, adding that UK listed African gold miners were a good example of such trend, as they are now trading over 40% down on a Price to Net Asset Value (P/NAV) basis than five years ago.

The P/NAV ratio reflects how much investors are prepared to pay per one net asset.

East Africa-focused Shanta Gold (LON: SHG) said on Wednesday it had agreed to a £141.95 million ($180.7 million) takeover bid by Tanzania-based Saturn Resources. PHOTO | COURTESY.

Saturn Resources believes the impact on junior gold miners within Shanta’s peer group has been exacerbated by other factors, such as lack of diversification, jurisdictional issues and poor liquidity.

“This is an all-cash offer at a premium to the current price when the gold price is close to an all-time high,” Shanta Gold said in the statement. “As such it provides an exit opportunity in cash for all shareholders taking into account the current gold price as well as the operational and other risks inherent in the business.”

Shanta’s directors have been advised that the terms of the acquisition are fair and reasonable, the miner said. It noted they intended to recommend shareholders vote unanimously in favour of the deal at an upcoming general meeting.

Last year, the company was approached by Shandong Gold (HKG: 1787), Chaarat Gold (LON: CGH) and Yintai Gold (SHE: 000975) but negotiations fell through.

Shanta owns and operates two gold mines in Tanzania — New Luika, which is the country’s fourth largest mine, and Singida. It also has the West Kenya project, believed to be among Africa’s highest-grading gold assets. Shanta also holds exploration properties in both countries.

Source: Mining.com

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews
Editor

Editor

Next Post
StanChart completes the restructuring of its African businesses

StanChart completes the restructuring of its African businesses

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Thu, 10 Jul.

Recommended

NMB Bank consolidates its position in the Tanzanian market, opens 227th branch

NMB Bank consolidates its position in the Tanzanian market, opens 227th branch

3 years ago
Oil climbs on tightening supply; IEA demand outlook awaited

Oil climbs on tightening supply; IEA demand outlook awaited

2 years ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Oil and Gas
    • Others
    • Q&A Interviews
    • Real estate
    • Sectors
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili