The firm has been focused on its New Luika gold mine in Tanzania where the firm recently completed a further 3,590 meters of drilling.
It’s historically been a top-five producer in Africa.” He then added “When you look at the Lake Victoria Goldfields area, this is where you have the likes of North Mara.
It is not only the location that has transformed Shanta Gold’s turnaround Zurrin then went on to explain, “The situation three and a half years ago was very different to where we are today.
Shanta fell into that trap, had over $70 million of debt when I came into the company, and today we have a 1 million of gross debt and $37 million of net cash.
No, that’s great news because obviously, as you said, it comes from being a junior explorer, just getting into finding your feet and then getting a lot bigger and becoming more established on aim because obviously on the aim market, you know, there are a lot of companies that kind of promise these things at the beginning, but never actually ended up delivering.”.
This also involved a huge cut in costs, Zurrin then said “We removed about 35% of the headcount.
I think investors who are looking for stores of value are looking for lower volatility at the end of the day, you know? So, I think that would tip the favor into gold versus cryptocurrencies.”.
Lastly, he added, “We’ve seen that with banks trying to distance themselves sovereignty is trying to distance themselves from, from the U.S.