JOHANNESBURG (miningweekly.com) – Aim-listed Shanta Gold’s New Luika mine, in Tanzania, produced 23 896 oz of gold in the quarter ended June 30, compared with the 24 341 oz produced in the first quarter of the year.

The company sold 26 134 oz of gold at an average price of $1 246/oz in the quarter under review, compared with the average spot price of $1 222/oz.

Cash costs for the second quarter were $429/oz, compared with $445/oz in the first quarter of the year, while all-in sustaining costs (AISC) reached $664/oz in the June quarter, compared with $600/oz in the previous quarter. Underground project development remains on track and within budget for first production of underground ore in the second quarter of 2017 and work has started on a second tailings storage facility.

"With the transition to underground mining at the New Luikagold mine, the second half will sustain mill throughput of slightly lower grade ore as planned, ensuring full-year production guidance is maintained,” CEO Toby Bradburysaid on Tuesday.

Shanta has set its production guidance for 2016 at between 82 000 oz and 87 000 oz. It now expects AISC for the full year to be between $730/oz and $780/oz, compared with the previously guided $750/oz to $800/oz

 

BY: ANINE KILIAN

CREAMER MEDIA SENIOR STAFF WRITER