StockMarketWire.com - Africa-focused miner Shanta Gold swung to a full-year loss after rising revenue was offset by a drop in the market value of non-hedge derivatives and commodity contracts.

Pre-tax losses for the year through December amounted to $1.19m, compared to a profit of $13.1m on-year.

Revenue rose to $112.8m, up from $103.8m, on the back of gold production of 84,506 ounces, above 2019 guidance of 80,000-to-84,000 ounces.

The company said its focus remained on its flagship asset, the New Luika gold mine in southwestern Tanzania.

'2019 was a successful 12-month period for Shanta, in which we delivered on all of our operational targets,' chief executive Eric Zurrin said.

'Our targeted on-mine exploration activities continue to produce encouraging results and we have increased our exploration budget to $5.0m for 2020.'




Story provided by StockMarketWire.com