StockMarketWire.com - Gold miner Shanta Gold said its second-quarter output fell compared to the first quarter, due to lower-than-anticipated grades from underground mining.

Production in the three months through June fell to 14,201 ounces, down from 14,641 ounces in the three months through March.

Annual production guidance for 2021 has been downgraded to 60,000-to- 65,000 ounces.

On a more positive note, Shanta said installation and ramp-up of a third mill at New Luika had been completed.

The completion had resulted in throughput of 2,450 tonnes per day being achieved by the end of the period, higher than the anticipated 2,300 tpd announced in April.

Shanta also released an updated five-year operating plan for its Tanzanian assets, which incorporated 'negative grade reconciliation' at Bauhinia Creek.


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