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Shanta Gold swings to loss as revenue growth offset by derivatives hit

By BFN News | 07:40 AM | Friday 28 February, 2020

Africa-focused miner Shanta Gold swung to a full-year loss after rising revenue was offset by a drop in the market value of non-hedge derivatives and commodity contracts. Pre-tax losses for the year through December amounted to $1.19m, compared to a profit of $13.1m on-year. Revenue rose to $112.8m, up from $103.8m, on the back of gold production of 84,506 ounces, above 2019 guidance of 80,000-to-84,000 ounces. The company said its focus remained on its flagship asset, the New Luika gold mine in southwestern Tanzania. '2019 was a successful 12-month period for Shanta, in which we delivered on all of our operational targets,' chief executive Eric Zurrin said. 'Our targeted on-mine exploration activities continue to produce encouraging results and we have increased our exploration budget to $5.0m for 2020.' Story provided by

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