ERIC Zurrin is making progress at gold junior Shanta, which operates the New Luika mine in Tanzania. He was picked to replace former CEO Tony Bradbury because the Shanta board felt an executive with “... a different set of skills” was needed to guide the company through the new situation. No pressure, as they say! Zurrin has swung into action, cutting costs and appointing Tanzanian executives to key positions in the company as part of a strategy to make Shanta more Tanzanian – all the while maintaining that these appointments have been made on merit. The problem – and it’s one which Zurrin freely admits – is that it is by no means certain that the Tanzanian government will still not seek to impose some newly promulgated laws on Shanta. These include demanding a 16% free carry equity stake and forcing mining companies to list their equity on the Tanzanian stock exchange. Barring this, Shanta is getting back to its feet, cutting net debt and even pondering dividend payments in its next financial year.
LIFE OF ERIC
He’s a Canadian holding a BCom in accounting, but has spent most of his time in investment banking – mainly with the UBS Investment Bank in London. This is his second stint at Shanta; he worked there previously as interim CFO in 2015/2016 in the lead-up to the financial restructuring while, before that, he was a commercial analyst advising the then CEO back in 2013.
- Web Address: www.shantagold.com