Shanta outlines spending cuts

Shanta Gold (LN:SHG) will cut exploration spending and reduce the workforce by 30% at the New Luika gold mine in the face of the new Tanzanian mining rules.

Hundreds of contractors will be saying goodbye to New Luika

05 September 2017
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Shanta says doing this will save it US$5 million a year, compared with the estimated $3 million hit on the company from Tanzania’s increased royalties and 1% clearing fee on exports.

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