Production begins at Singida mine in Tanzania

Production has commenced at the Singida Gold Mine in Tanzania. Shanta Gold CEO Eric Zurrin revealed the report and said they target addition of 45%-50% to the company’s annual production profile.

“We are now positioned to capitalise on our full growth potential, armed with a diversified resource base, a de-risked balance sheet, and financial flexibility. Through increased local employment and subsequent economic activity, as well as our investment in initiatives focused on improving health, water, and education services, Singida has already started to transform the social and economic potential of the region. Looking ahead, Singida is transitioning from a cost centre to a cash generator. As our focus turns to mine life extension, we are confident that we will unlock further long-term value for our shareholders,” said CEO Zurrin.

Singida mine

Singida is located in the Ikungi region of Central Tanzania. Shanta Mining Company Limited holds 100% of mining licenses ML 456/2012, ML 455/2012, and ML 457/2012, and these Mining Licenses were successfully extended for an additional period of 10 years in January 2022. Singida has a JV Partnership, and the partners retain 10% percentage of the resource held within ML 456/2012 and part of ML 455/2012 west of 721677.27mE. Most current reserves are east of 721677.27mE and therefore current attributable % to the partners is approximately 3%.

The project includes a processing plant that is designed to treat 365ktpa of fresh ore from the mine. The facility is expected to have an average production of 32Koz per annum. Expected to employ around 270 permanent staff, the gold mine covers three prospecting licences that cover approximately 52km² and three mining licences covering 30km². The firm aims to increase its production at the mine to more than 100,000oz per annum in the first full year of operation. The mine is expected to have operational life up to the end of 2029.