LONDON (ShareCast) - (Sharecast News) - East Africa-focussed gold producer Shanta Gold reported first-half revenue of $73m (£55.62m) on Monday, rising from $53.6m year-on-year.

The AIM-traded firm said its all-in sustaining costs for the six months ended 30 June came in at $817 per ounce, up from $730 per ounce a year earlier, but on track to meet its annual guidance of between $830 and $880 per ounce.

Adjusted EBITDA rose to $34.4m from $22.6m, while it swung to a profit before tax of $15.3m from a loss before tax of $4.1m in the first half of 2019.

Operating cash flow before movement in working capital totalled $29.5m, up from $23m, while net cash totalled $2.1m at period end, swinging from net debt of $14.3m at the end of 2019.

Gross debt, meanwhile, narrowed to $13.4m from $22m.

The company said that, during the period, it fully repaid the $40m Investec senior secured loan facilities, and said cash and available liquidity at period end stood at $21.6m, up from $13.7m at the end of 2019.

Forward sale commitments were 27,000 ounces at the end of the half-year, down from 40,000 ounces at the end of December, which further reduced post-period end to 18,588 ounces.

VAT receivable due to the company totalled $23.2m, up from $21.8m, and capital expenditure during the period was $7.4m, down from $8m.

On the operational front, Shanta said its gold production in the period was 42,383 ounces,in line with the 42,230 ounces it produced in the first half of 2019.

It reiterated its annual production guidance of between 80,000 and 85,000 ounces for 2020, and said there were no lost time injuries during the period, with none since the fourth quarter of 2017.

The board said precautionary measures were in place to reduce the risks posed by Covid-19, adding that its operational productivity was unaffected.

At 1207 BST, shares in Shanta Gold were up 6.06% at 17.5p.

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