- East Africa-focused miner Shanta Gold said it had met its annual $7m cost reduction target three months ahead of schedule.

Since announcing its target to reduce annualised costs by a further $2m in January 2018, the company said it had achieved an additional $2.1m of recurring cost reductions, taking the total annualised cost reductions achieved to $7.2m.

The cuts were the result of renegotiated contracts with suppliers and the elimination of non-essential spending.

Their full benefit would be realised from the third quarter of 2018.

'These further cost reductions cement Shanta's position as one of the lowest cost producing gold mining companies in Africa and form part of our overriding strategy of maximizing value for our shareholders,' chief executive Eric Zurrin said.

At 8:21am: [LON:SHG] Shanta Gold Ltd share price was +0.1p at 5.45p

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