Shanta reaches cost-reduction goal

In keeping with its previously announced strategy of optimising the financial performance of its operations, Aim-listed Shanta Gold has reduced annualised costs by $5.1-million, the company said in a statement on Monday. The company noted that the full benefit of this reduction would be achieved by the end of the first quarter of 2018. “The cost reductions are mostly comprised of renegotiated contracts with suppliers, lower headcount and eliminating non-essential spending,” said CEO Eric Zurrin.