THE surprise improvement in the gold price during 2016 couldn’t have come at a better time for Toby Bradbury and his Tanzanian gold producer, Shanta Gold. It gave shareholders confidence to support a $15m share placement and silver streaming transaction that allowed the firm to pay a slug of some $25m in convertible notes that would have fallen due this year. Some of the notes have been extended – at a higher coupon rate but same redemption price – but more importantly, Bradbury has time and space to focus on the firm’s $38m underground extension of its only mine – New Luika in south-eastern Tanzania. At least five more years of gold production – forecast to be 87,000 ounces in the current financial year – are expected from New Luika. The Singida project in central Tanzania is another on Shanta’s books. The project was actually Shanta’s founding venture but it never got off the ground owing to complications related to community relocations. That, too, has been resolved so Shanta will look at how to improve on the 400,000 oz of measured reserves that are thought to exist on that property. Bradbury has brought stability and predictability to Shanta, but the pressure is on to convert promises into reality over the coming year.
LIFE OF TOBY
Bradbury was appointed CEO of Shanta Gold in 2015 after serving a period as the Tanzanian firm’s COO. He was previously COO for Anvil Mining in the Congo and before that, senior vice-president of AngloGold Ashanti’s Ghana operations. He has a PhD in mining engineering and a Masters degree in Business Leadership.
“Having the balance sheet sorted out now allows us to focus on value.”
- Web Address: www.shantagold.com