Shanta Gold Ltd chief says results underscore firm's strong financial position
Shanta Gold Limited (
LON:
SHG) chief
Toby Bradbury described the first half for the miner as "excellent", which underlined its strong position financially.
EBITDA (underlying earnings) for the six months came in at
US$33.3mln, compared with US$31mln for the whole of
2015, he highlighted.
Meanwhile, cash costs for the New Luika mine
operator sank to US$437 an ounce from US$993 an ounce the year before, while
AISC (all in sustaining costs) more than halved to US$632 , helped by accelerating mining into higher grade ore
.
In the second half the firm expects to encounter lower grades as it moved underground before reaching higher ones again from the second quarter next year.