Browsing: Shanta Gold

As of the 31st of December in 2021, these prerequisites were not satisfied, and hence, no sum was recognised.

After purchasing the seven licences from Barrick in a cash-and-stock transaction, Shanta committed to pay Barrick Gold a royalty rate of two per cent on any actual gold production in the future.

During the previous two years, when Shanta Gold has been spending a significant amount of money on feasibility studies to ascertain the true extent of the gold reserves, and whether or not to move on with production, the West Kenya project has not generated any revenues.

The region is projected to produce 1.6 million ounces of gold from its deposits.…

American multinational holding company Berkshire Hathaway, owned by Warren Buffett last week announced the acquisition of a certain percentage of Canadian gold mining company,  Barrick Gold.

The deal saw the shares of Barrick Gold soar by 12% after Warren Buffett’s firm bought a stake in the company. Berkshire Hathaway purchased a 20.9 million-share stake in Barrick Gold, valued at about $564m.

However, as this deal was being announced, another deal was being activated in East Africa. Shanta Gold, the London AIM-listed miner announced that it has completed the acquisition of Canadian miner Barrick Gold’s assets in Kenya at a cost of Sh1.4 billion from three subsidiaries of Barrick.

The three subsidiaries include Acacia Exploration (Kenya) Ltd. Approximately US$55 m invested in exploration activities across West Kenya since 2010 by Acacia Mining Plc and previous owners.

Acacia joined the Kenyan market in 2012 after acquiring Aviva Mining Kenya Ltd. It acquired …