Shanta orders more Sandvik equipment

Shanta Gold, an East Africa-focused gold producer, developer and explorer, has completed a further finance agreement with Sandvik Mining and Construction to purchase underground mobile equipment for the New Luika gold mine in Tanzania
Shanta orders more Sandvik equipment Shanta orders more Sandvik equipment Shanta orders more Sandvik equipment Shanta orders more Sandvik equipment Shanta orders more Sandvik equipment

The New Luika gold mine

Staff reporter

The approximately €2.1 million (US$2.3 million) financing will be repayable quarterly in two tranches over respective 36-month periods, and the equipment will arrive in Tanzania in stages from May 2017. 

This purchase is part of Shanta’s capital programme initially outlined in its 2015 Base Case Mine Plan for its flagship asset, the New Luika gold mine located in the Lupa Goldfield, in south-west Tanzania.

CEO Toby Bradbury commented: “This is our second equipment financing with Sandvik over the last 15 months, which is an important pillar of our financing plan for the underground capital development programme at our flagship asset, the New Luika gold mine.”