Shanta Gold hikes resource estimate at New Luika
Tanzania focused gold miner Shanta Gold has issued a significant upgrade of the estimated resources at its New Luika Gold Mine.
Tanzania focused gold miner Shanta Gold has issued a significant upgrade of the estimated resources at its New Luika Gold Mine.
The company says the latest independent estimate suggests there is 1.48m ounces of in-situ gold at the site, a 52% increase on the previous figure.
The company is now revising its mining plan to take account of the increased size of the deposit.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shanta's Executive Chairman, Walton Imrie, says the company is still on track to "pour" its first gold by the end of September.
The stock had risen 7% by 10:03.
BS
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published