The Latest

Shanta Gold Q1 2017 Results: Production Up by +8%

April 24, 2017
2 minute read
New Luika Shanta gold mine Tanzania

East Africa-focused gold producer Shanta Gold (AIM: SHG) announced its production and operational results for Q1 2017 for its New Luika Gold Mine in Southwest Tanzania, showing an increase of in the gold production of +8% compared to Q4 2016.

Quarterly gold production reached 20,416 ounces in Q1 2017 compared to 18,897 ounces in Q4 2016.

Quarterly gold sales reached 23,252 ounces at an average price of USD 1,249 per ounce, compared to an average spot price of USD 1,219 per ounce.

Tanzania Investment Guide 2026 Free Edition

Forward sales from April to October 2017 stand at 25,000 ounces at an average price of USD 1,292 per ounce.

The company indicates that the Revised Mine Plan (RMP) was delivered as promised lifting gold production by 39% when compared to the 2015 Base Case Mine Plan.

Chief Executive Officer Toby Bradbury commented: “Shanta had a promising start to the financial year with more ounces produced, at a greater margin than planned, ensuring the company is on track to meet its 2017 guidance of 80-85,000 ounces at an All-In Sustaining Costs (AISC) of USD 800 – 850 per ounce.”

Shanta Gold currently has defined ore resources on the New Luika and Singida projects in Tanzania and holds exploration licences over a number of additional properties in the country.

New Luika Gold Mine commenced production in 2012 and produced 87,714 ounces in 2016.

TanzaniaInvest Capital Markets Report Banner

The Ministry of Energy and Minerals of Tanzania issued a ban on the export of mineral concentrates and ores for metallic minerals such as gold, copper, nickel, and silver, with effect from 2nd March 2017

The ban impacted the sale of gold of another large gold producer in Tanzania, Acacia Mining, as indicated in its Q1 2017 results.

However, the ban had no impact on Shanta Gold’s sales as it applies to mineral concentrates and Shanta produces instead doré, a type of gold bar that can contain silver and some impurities.

Doré bars are exported and sold to refineries that produce pure gold bars that comply with London Bullion Market Association standards.

The processing plant that exists at New Luika is appropriate in size and capacity for the Shanta Gold rate of production, which is between 80,000 ounces a year and 90,000 ounces a year.

Want to know more about Mining in Tanzania? Our free overview of the Tanzania Business and Investment Guide 2026 covers Mining, plus key sectors and investment opportunities. The complete 141-page edition includes policies, taxation, key regulations, full macroeconomic data, and sources, and is also available at no cost upon completion of a short form.

Download Free OverviewGet the Full Edition for Free
Tweet
Share
Share
Share
Related Posts
EU-Tanzania Roadshow 2026 APM Terminals at Maasvlakte Rotterdam
Read More

EU–Tanzania Roadshow Ends With Rotterdam and Antwerp Port Visits as Tanzania Pitches Port, Rail and Logistics Opportunities to European Companies

The EU-Tanzania roadshow ended in Antwerp on 6 October 2026 after port visits in Rotterdam, with Tanzania's port and rail authorities pitching openings for terminal operators, EPC contractors, private rail operators and digital rolling stock tracking, while rail operator Vecturis, minerals logistics group Polytra, heavy lifting company Sarens and marine data company GEOxyz outlined their plans in Tanzania. The EU said it will join the World Bank and the EIB, which has a formal financing request, in supporting the Dar es Salaam port expansion, and offered Global Gateway guarantees, equity and feasibility funding for company projects screened by member states.
EU-Tanzania Roadshow 2026 The Hague day 1 opening Mkumbo
Read More

EU–Tanzania Roadshow Reaches The Hague With Coffee, Cashew, Critical Minerals, and Port Investment Pitches

The EU-Tanzania roadshow reached The Hague on 5 October 2026 for its final leg, where Tanzania pitched coffee and cashew processing, wheat and edible oils, critical minerals, the new Bagamoyo and Mwambani ports on the mainland, Zanzibar's Mangapwani port hub, four dry ports, and two new lines of the standard gauge railway network to around 90 businesses. Agriculture emerged as the priority sector for European and Dutch investors, with the best opportunities in food production and value addition, backed by Dutch expertise as the world's second-largest agricultural exporter.
EU-Tanzania Roadshow 2026-2027 Helsinki day 2 critical minerals visit
Read More

Tanzanian Delegation Visits EU’s Only Nickel Smelter, Metso Research Center, and Nokia on Day Two of EU-Tanzania Roadshow in Finland

On 29 September 2026, the second day of the EU-Tanzania roadshow in Finland, the Tanzanian delegation visited Metso's Pori Research Center, where around 180 experts work on mineral processing, hydrometallurgy, battery materials, and smelting, and Boliden's Harjavalta site, home to the only nickel smelter in the EU. The digital track included visits to Nokia, the Finnish Information Security Cluster, and technology company Gofore, with talks on digital sovereignty, digital public infrastructure, and Tanzania's move to a cashless economy.

Want to know more about investing in Tanzania? Our free overview of the Tanzania Business and Investment Guide 2026 covers the economy, key sectors and investment opportunities. The complete 141-page edition, which includes policies, taxation, key regulations, full macroeconomic data and sources, is also available at no cost upon completion of a short form.

Download Free Overview Get the Full Edition for Free