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Shanta remains out of the red

East Africa-focused gold producer and explorer Shanta Gold (AIM:SHG) stayed out of the red for the second half-year, as it continued to benefit from cost savings initiatives.

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New Luika underground has helped boost Shanta's profits

The company reported profit after tax of US$7.1 million for the January-June period, compared to a loss of $2.1 million a year ago. Basic earnings per share were 91.