Shanta Gold picks new CEO amid strategy revamp on heels of new Tanzania laws

Shanta Gold announced on Thursday that its chief executive officer would be stepping down as the company refocused on cost control following recent changes in the regulatory, operating and fiscal environment in Tanzania.

Tony Bradbury was to be replaced by the outfit's finance chief, Eric Zurrin.

Tony Durrant, chairman commented:"following the changing business environment in Tanzania, however, it is important that the Company accordingly adapts and refocuses its strategy on cost and capital control. The Board and Toby have mutually agreed that the time is right for a new Chief Executive to lead these initiatives and therefore is very pleased that Eric Zurrin has accepted the role of CEO of Shanta."

The new CEO was re-appointed to the company as chief financial officer on 13 March 2017 and over the past four years had fulfilled a number of roles across the company.

Those included responsibilities as interim CFO in 2015/2016, during which time he led the financial restructuring, and as an adviser to the CEO in 2013.

In the same statement, Shanta said it remained on track to meet its full-year guidance for production ranging between 80,000 to 85,000oz. at an all in sustaining cost of $800 to $850/oz.

Year-to-date, the company had produced 40,073 ounces of gold at a cost of $755/oz. and the company said that production in July was maintained at the same levels as those seen in the first half of 2017.

Shares in Shanta ended the session 6.25% lower to 3.75p.