StockMarketWire.com - Gold miner Shanta Gold posted a 16% rise in third-quarter adjusted earnings, compared to the second quarter, and stuck to its full-year output guidance.

Adjusted earnings before interest, tax, depreciation and amortisation for the three months through September increased to $22.5 million, up from $19.4 million quarter-on-quarter, the company said.

The rise in earnings came despite gold production during the quarter from the company's New Luika mine in Tanzania falling to 19,973 ounces, down from 22,216 ounces.

Shanta realised an average gold price of $1,524 an ounce, down from $1,633 an ounce in the second quarter.

It stuck to its annual output guidance of 80,000 - 85,000 ounces.

Chief executive Eric Zurrin said first gold pour at the Singida project was targeted for end of 2022.

'Shanta has a portfolio of high-quality reserves and a pathway to organically grow to a plus-220,000 per annum producer,' he said

'At the date of this release the Ccmpany's net debt has reduced to $2 million and Shanta is on track to be unhedged by early 2021.'




At 8:03am: [LON:SHG] Shanta Gold Ltd share price was 0p at 19.75p



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