REG - Shanta Gold Limited - Directorate and Executive Management Changes

Shanta GoldAnnouncement

06/02/2023 07:00

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RNS Number : 9450O  Shanta Gold Limited  06 February 2023

6 February 2023

 

Shanta Gold Limited

 

("Shanta Gold" or the "Company")

 

Directorate and Executive Management Changes

 

Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and
explorer, is pleased to announce the following changes to the senior
management team:

 

·    Honest Mrema promoted to Chief Operating Officer ("COO") with
immediate effect;

o  Honest joined Shanta in 2015 and was promoted through various roles of
seniority through to his latest role as Group Technical Director of Shanta
Gold

 

·    Michal Devine promoted to Chief Financial Officer ("CFO") with effect
from 23 March 2023;

o  Michal joined Shanta in 2021 as the Group Financial Controller, is a
qualified chartered accountant and has successfully supported the Group
Finance Function including successful oversight of the Singida capital
investment plan

In addition to the appointments above, the Company announces that Luke Leslie,
Chief Financial Officer, has informed the board of his decision to step down
from his role in order to pursue other opportunities. Mr Leslie will remain
with the Company until at least the publication of the Company's Full Year
Results in March to ensure a smooth and successful handover of duties to
Michal Devine.

The above changes ensure continuity in delivering operational consistency at
New Luika Gold Mine ("NLGM") and the ramping-up of Singida Gold Mine
("Singida") as well as ensuring the seamless continuity of the financial and
commercial capabilities of the Company. For the avoidance of doubt, both
Honest and Michal will join the Executive Management Committee but will not
become members of the board at this time.

Eric Zurrin, Chief Executive Officer, commented:

"Having completed five years of outstanding service, Luke has informed the
Board he wishes to pursue new opportunities. On behalf of the Board, I thank
Luke for his outstanding contribution to Shanta in particular over the last 5+
years as CFO and Head of M&A. Luke has dedicated himself to a successful
turnaround of Shanta which included the successful acquisition of the West
Kenya Project in 2020.

 

Over the last 5 years, Shanta has operated as a decentralised and highly
indigenised East African gold producer. Over 99% of our employees are from
host countries, 100% of Shanta's 36 Heads of Department, Managers and
Superintendents are Tanzanian nationals of which 80% have trained with various
senior international gold companies. Both of our General Managers and the
newly appointed COO are Tanzanian. Shanta's operating model focused on local
content has significantly enhanced the relationship with Government and local
communities while increasing resilience to macro risks such as the global
pandemic and supply chain procurement challenges by utilising resources
already in country.

I am delighted to announce these promotions to Shanta's senior management.
Honest's proven success at NLGM and his expanded role across our portfolio of
assets including oversight of the Singida construction project ensures the
Company has strong technical leadership and oversight for the future. An
increased focus on maximising the potential of Singida during the ramp-up and
progressing the feasibility of West Kenya is a priority for the Company and
Honest's role as COO.

 

"Already an integral part of our senior management team, Honest's and Michal's
promotions will be seamless. They will play a more central role in managing
the operations of our East African gold assets."

Additional Information

Honest Mrema

Honest Mrema joined Shanta in 2015 as the Chief Mining Engineer and later he
was promoted to Technical Services Manager. In 2017 Honest was promoted to
General Manager for New Luika Gold Mine and later promoted to Technical
Director in 2020. Honest is a mining engineer with over 25 years' experience
in open pit and underground operations. Honest has held senior management and
technical roles with Endeavour Mining (Mali), Resolute Mining (Mali), Pan
Australian Resources (Laos - SE Asia), Barrick Gold (Tanzania), Placer Dome
(Tanzania) and Anglo American (Tanzania). Honest has an honors BSc degree in
Mining Engineering from University of Zambia, School of Mines, is a member of
Tanzania Engineers Registration Board and Australian Institute of Mining and
Metallurgy (AusIMM). Honest has been a member of the Group Executive Committee
since 2017.

 

Michal Devine

Michal Devine joined Shanta in 2021 as Group Financial Controller with
financial accounting and reporting responsibilities for NLGM, Singida, and
West Kenya. Michal is a qualified Chartered Accountant (South Africa) and
joined Shanta following roles at EY and BDO in London and previously Deloitte
in South Africa where he covered the natural resources sector. Since joining
the Company Michal has had wide-ranging responsibilities across the Group
finance function including the annual budget process, capital expenditure
planning and funding, Singida investment plan, and operational strategies.
Michal will join the Group Executive Committee.

 

 

Enquiries:

 

 Shanta Gold Limited
 Eric Zurrin (CEO)                                              +44 (0) 14 8173 2153
 Luke Leslie (CFO)

 Nominated Adviser and Joint Broker
 Liberum Capital Limited
 Scott Mathieson / Ed Thomas / Nikhil Varghese / Lucas Bamber   +44 (0) 20 3100 2000

 Joint Broker
 Tamesis Partners LLP
 Charlie Bendon / Richard Greenfield                            +44 (0) 20 3882 2868

 Public Relations
 FTI Consulting
 Sara Powell / Nick Hennis                                     +44 (0) 20 3727 1426

( )

 

 

About Shanta Gold

 

Shanta Gold is an East Africa-focused responsible gold producer, developer,
and explorer. The company has an established operational track record, with
defined ore resources on the New Luika and Singida projects in Tanzania, with
reserves of 645 koz grading 3.0 g/t, and exploration licences covering
approximately 800 km(2) in the country. Alongside New Luika and Singida,
Shanta also owns the high-grade West Kenya Project in Kenya and licences with
resources of 1.7 million ounces including 722 Koz in the Indicated category
grading 11.45 g/t. With a healthy balance sheet, a growing diversified
portfolio and a maiden dividend paid in 2021, Shanta offers a resilient
investment opportunity for the near and long-term. Shanta is quoted on
London's AIM market (AIM: SHG) and has approximately 1,048 million shares in
issue.

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