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Shanta Gold swings to profit as cost cutting offsets lower output

By BFN News | 09:24 AM | Monday 16 April, 2018


Shanta Gold said it swung to an annual profit after it cuts costs and gold production from Tanzania fell broadly in line with company guidance. The company booked a pre-tax profit of $4.2m, compared to a loss in 2016 of $8.0m. Gold production of 79,585 ounces compared to guidance of approximately 80,000 ounces and production in 2016 of 87,713 ounces. 'We are pleased to report a set of full year results that reflect a sustainable transition to underground mining at New Luika, as well as a new management strategy of cost control and optimisation,' chief executive Eric Zurrin said. 'Considerable inroads have been made into reducing the net debt position and the continuation of this is central to plans for restructuring the company's balance sheet.' Net debt at year end reduced by $4.7m to $39.5m. At 9:24am: (LON:SHG) Shanta Gold Ltd share price was +0.3p at 5.3p Story provided by StockMarketWire.com

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