Hardman & Co Research: Entering its sweet spot

Shanta Gold (SHG) is a low-cost, high-grade East African gold miner, which is transforming from a single-asset to a multi-asset producer. Production guidance for its flagship New Luika Gold Mine (NLGM) in 2020 is 80-85k oz. The commissioning of Singida in 2022 will see a resumption of growth from the current plateau. The recent West Kenya acquisition has taken total gold resources to 3.2m oz. After cutting net debt by $44m since end-2017, SHG raised $42.1m last month to accelerate development of the ca.100k oz p.a. West Kenya project.

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