Our producing asset is the New Luika (100% owned), which is in the Songwe District of Southwestern Tanzania approximately 700 km South-West of Dar Es Salaam. Production at New Luika commenced in 2012 and the current reserve life was extended in 2021 to 2026. New Luika has established a solid operational track record for converting inferred resources to reserves and extending the mine life accordingly.
We commenced construction of Singida in late 2020, which will be our second operating mine in Tanzania when it commences production, expected in Q1 2023, transforming Shanta Gold into a +100,000 oz/pa producer with a diversified resource base. Singida is in the Ikungi region of Central Tanzania, and we are investing heavily in the project to ensure it is a success for the region and the local community. Singida also has considerable upside potential given its location within a greenstone deposit, meaning it is well suited to further exploration growth.
Shanta also holds exploration properties covering approximately 700 km2 in the under-explored ex-colonial mining areas of the geologically rich Lupa Goldfield surrounding New Luika (959 km2) and the Singida Greenstone belt (31 km2), which extends across the mining licences at Singida.
We were delighted to grow our business through the acquisition of the West Kenya Project in late 2020, believed to be among the highest grading gold projects in Africa, and a high-quality addition to the asset portfolio. The West Kenya Project covers approximately 556 km2 of the highly prospective Lake Victoria greenstone gold field in western Kenya, and has total Inferred resources of 1,551,000 ounces grading 6.18 g/t, including 378,000 ounces Indicated grading 11.70 g/t. It presents an exciting opportunity for the company to establish itself as a major mining company in Kenya.
Shanta is a multinational business, structured with regional operating and exploration hubs in Tanzania and Kenya, resulting in an energetic, enterprising, and collaborative workplace, comprising a talented and aspirational team that continuously looks to drive the company forward.
As a well-established company in Tanzania and a growing presence in Kenya, we recognise the importance both commercially and for the communities in which we operate of developing a sustainable approach to the work that we do. Shanta’s strategy is to put our people first, create new opportunities in the communities where we operate, manage our resources responsibly while mitigating any environmental impacts, and be an ethical and accountable business. We believe these are enablers to growing our asset portfolio and delivering strong shareholder returns.
Shanta Gold is listed on the Alternative Investment Market (AIM) of the London Stock Exchange (ticker: SHG).