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MENAFN - ProactiveInvestors - UK - 20/01/2014
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(MENAFN - ProactiveInvestors - UK) Tanzania-focused Shanta Gold (LON:SHG) said it is confident of hitting its 2014 production guidance of 80,000 ounces of the precious metal as it revealed last year's output marginally exceeded forecasts



It came in at 64,054 ounces, around 1,000 ounces ahead of projections, while production in the final four three months was 19,581 ounces, a quarter on quarter rise of 3.6%



All-in sustaining cash costs of US1,049 an ounce were also bang in line, and they could fall as low as US900 an ounce this year, according to the company's guidance, which it is confident of hitting



Shanta sold 61,887 ounces of gold at an average price of US1,409 an ounce during 2013, while sales in the final quarter were 18,800 ounces at US1,320 an ounce.



It has also forward sold 19,500 ounces at US1,331 well above of the spot price for the yellow metal



The group, which owns the New Luika Mine, is sitting on a fairly comfortable cash cushion of US22mln (up US2mln) from the end of the third quarter and spent US3.2mln on capital investment in the quarter



The current year is expected to be one of significant milestones, including the updated life-of-mine plan for New Luika, due in the second quarter, the underground mining report and the feasibility study for the Singida project



Chief executive Mike Houston said: "The recently announced resource upgrade reaffirms our belief in the ability to extend the life-of-mine at New Luika both through opencast and underground mining and highlights the potential of the wider Lupa Goldfields to support this extension.


 






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