Modern Mining August 2017

MINING News

Shanta Gold gets a new Chief Executive Officer He holds a Bachelor of Commerce (Accounting) degree and has 15 years’ experience in investment banking and mining, previously with UBS Investment Bank in London, and serves as a director of Kincora Copper Limited. He will be based in the UK from September 2017.

mencing its transition to a predominantly underground operation. “Following the changing business environment in Tanzania, however, it is important that the company accordingly adapts and refocuses its strategy on cost and capital control. The Board and Toby have mutually agreed that the time is right for a new Chief Executive to lead these ini- tiatives and therefore is very pleased that Eric Zurrin has accepted the role of CEO of Shanta.” The New Luika Gold Mine is the only operating gold mine in the Lupa goldfield of south-west Tanzania and achieved its first full year of commercial production in 2013. InMay this year the first underground ore was produced from the first stope in the Bauhinia Creek deposit. Throughout 2017 New Luika will transition from being an exclusively surface mining operation to one that is mainly underground. Shanta also holds the Singida advanced stage gold project in Central Tanzania. 

AIM-listed Shanta Gold, which owns and operates the New Luika Gold Mine near Mbeya in Tanzania, says that, following the recent changes to the regulatory, operat- ing and fiscal environment in the country, it will be refocusing its strategy on cost control and shareholder returns. As part of the revised strategy, Toby Bradbury and the company have agreed that he will retire as Chief Executive Officer but will remain on the board of directors until September 2017 to assist with the transition. He is replaced by Eric Zurrin who will take over as CEOwith immediate effect. Zurrin was re-appointed to the com- pany as Chief Financial Officer (CFO) in March this year. He has previously worked across a range of roles within Shanta over the last four years including as interim CFO in 2015/2016 leading the financial restructuring and as Adviser to the Chief Executive Officer in 2013 leading an oper- ational restructuring of the business as New Luika ramped up production.

Shanta produced 40 073 ounces of gold in the first half of 2017 at an all- in sustaining cost (AISC) of US$755/oz. Production in July has been maintained at these levels and the company says it remains on track to meet full year guid- ance of 80 000 to 85 000 oz at an AISC of US$800 to US$850/oz. Tony Durrant, Chairman, commented: “On behalf of the Board, I would like to thank Toby Bradbury for his contributions to Shanta as CEO over the last two-and-a- half years. Under his tenure the company has made significant steps forward, par- ticularly in demonstrating New Luika to be a sustainable, robust and reliable, low-cost gold producer, as well as successfully com-

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