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Shanta Gold swings to profit on higher gold price
StockMarketWire.com
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East Africa focused miner Shanta Gold swung to a full-year profit after a surge in gold prices helped offset a fall in production.
Net profit for the year through December amounted to $17.2 million, compared to a year-on-year loss of $9.5 million.
Revenue climbed to $147.4 million, up from $112.8 million after Shanta achieved an average realised gold price of US$1,495 per ounce, up from $1,377 in 2019.
Output fell to 82,978 ounce, in line with guidance of 80,000-to-85,000 ounces, but below the previous year's 84,506 ounces.
The company forecast a further fall in production in 2021, to around 80,000 ounces.
At 9:17am: (LON:SHG) Shanta Gold Ltd share price was 0p at 15.75p
Story provided by StockMarketWire.com
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