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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.

Shanta outlines spending cuts Shanta outlines spending cuts Shanta outlines spending cuts Shanta outlines spending cuts Shanta outlines spending cuts

Hundreds of contractors will be saying goodbye to New Luika

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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