StockMarketWire.com - Shanta Gold said its New Luika mine in Tanzania had successfully connected to the state power grid.
The initial connection represented about approximately 10% of the mine's power needs and the proportion was expected over the next 12-24 months. Shanta Gols said the cost of state grid power was around half that of self-generated power.
'This is a significant milestone for the New Luika Gold Mine given power generation currently represents over 25% of our cash costs,' chief executive Eric Zurrin said.
'Lowering New Luika's costs reduces the cut-off grade required for ounces to make it into the mine plan effectively reducing the hurdle for exploration success.'
At 1:39pm: [LON:SHG] Shanta Gold Ltd share price was +0.15p at 9.55p
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