Shanta Gold (LON:SHG) announced its decision to begin mine construction at the Chunya gold project in southern Tanzania, subject to the receipt of a mining licence. The decision follows the results of July’s positive feasibility study, which justified the construction of an open-pit mine producing 28,400oz of gold annually over an 11-year mine life.
The feasibility study saw total production of 313,000oz of gold, from a total resource of 642,716oz, at an average grade of 2.39g/t.
The project has an estimated capital cost of US$23.19m, and Shanta has now hired Environmental, Process and Mining Consultants Ltd (EPMC) to carry out a detailed design of the Chunya mine. EMPC previously carried out the feasibility study for the project.
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