Shanta Gold has commenced production at the Singida Gold Mine in the Ikungi region of Central Tanzania.
Shanta Gold CEO Eric Zurrin said the Singida Gold Mine will add 45%-50% to the company’s annual production profile.
Zurrin said: “We are now positioned to capitalise on our full growth potential, armed with a diversified resource base, a de-risked balance sheet, and financial flexibility.
“Through increased local employment and subsequent economic activity, as well as our investment in initiatives focused on improving health, water, and education services, Singida has already started to transform the social and economic potential of the region.
“Looking ahead, Singida is transitioning from a cost centre to a cash generator. As our focus turns to mine life extension, we are confident that we will unlock further long-term value for our shareholders.”
Shanta Gold expects the mine to increase its production to more than 100,000oz per annum in the first full year of operation.
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The company noted that it plans to mine seven open pits at the project as per the current life of mine plan. The mine is expected to have operational life up to the end of 2029.
The project includes a processing plant that is designed to treat 365ktpa of fresh ore from the mine. The facility is expected to have an average production of 32Koz per annum.
Expected to employ around 270 permanent staff, the gold mine covers three prospecting licences that cover approximately 52km² and three mining licences covering 30km².