Gulf starts at Sheikh Adi-2 25/05/2012
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Shanta Gold hails funding progress
Tanzanian gold play Shanta Gold (SHG) says it is in 'advanced' talks on $15 million to $20 million (£12.5 million) bridging finance.
The Guernsey-based company, which says it hopes to produce between 175,000 and 195,000 oz of gold from its New Luika project over three years from the first quarter of 2012 at a cost between $560 and $610 an ounce ($1,000 below the current gold price), indicates that it has already secured a $5 million bridging loan from Africa-oriented Export Trading Group.
Export Trading, in which Shanta non-executive director Ketan Patel has an interest, is charging an 8 per cent annual rate on the loan, which is repayable within six months of a drawdown, and the lender is entitled to an option on Shanta shares equal to 3 per cent of the drawdown sum. Ketan Patel and 'alternate director' Maheshkumar Patel have 10.7 per cent of tightly held Shanta and associated concern Export Holdings has 15 per cent.
Chief executive officer Gareth Taylor says the financing progress puts Shanta on track to start production at New Luika by the end of March. He also highlights Monday's award of a mining licence for another Tanzanian project, Singida, where the company hopes to produce between 170,000 and 200,000 oz of gold over three years with grades between 7.1 and 8.5 grammes of gold per tonne of ore (more than twice the grade estimates for New Luika) and projected costs of between $210 and $310 an ounce.
Floated at 25p in 2005, Shanta shares have hardly been star performers so far. After trading between 35p and 18.13p over the past year, they now change hands at 21.75p, up 1p this morning, valuing the company at £59 million.
If the bridging loans come through as hoped and production lives up to expectations, their fortunes could improve, provided gold stays in demand.
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