- Shanta Gold said it intended to raise at least $20m from an initial public offering designed to finance the Singida gold project in Tanzania.

A listing of Singida Resources on the Dar es Salaam Stock Exchange was expected to take 6-to-12 months to complete.

It was the result of 'encouraging feedback from recent investor roadshows by management in Tanzania, Uganda and Kenya', the company said.

Shanta would retain at least 51% ownership of Singida and operate the project.

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