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Mining group Shanta Gold forecast higher output in 2022 after meeting its recently revised guidance for 2021.
Gold production for the year through December amounted to 55,280 ounces, in line with revised guidance of 55,000 - 57,000 ounces.
For 2022, Shanta Gold forecast annual production of 68,000 - 76,000 ounces.
Fourth-quarter earnings before interest, tax, depreciation and amortisation, excluding spending on the West Kenya and Singida assets, rose to $5.7 million, up from $4.3 million.
'Despite some challenges in 2021, we are pleased to have exited the year in line with our revised guidance and forecasted production growth for 2022,' chief executive Eric Zurrin said.
'Our robust fundamentals that underpin our business continued to strengthen with an exceptional safety record, strong balance sheet and a self-funded exploration and development programme.'
'This foundation has enabled us to meet our commitment to deliver sustainable returns to our shareholders as demonstrated by the inaugural dividends paid out in April and October 2021.'
We remain committed to self-financed growth and with the largest exploration programme in our history conducted in 2021 yielding record drilling results at West Kenya and a near-term production asset at Singida set to transform Shanta to a 100,000+oz producer in 2023, our commitment to long-term, sustainable returns remains front of mind.'