At the time, Saturn Resources, which is part of ETC Holdings, said the the valuation of publicly listed gold companies has de-rated, adding that UK listed African gold miners were a good example of such trend, as they are now trading over 40% down on a Price to Net Asset Value (P/NAV) basis than five years ago.
Shanta owns and operates two gold mines in Tanzania — New Luika, which is the country’s fourth largest mine, and Singida. It also has the West Kenya project, believed to be among Africa’s highest-grading gold assets.
Last year, the company was approached by Shandong Gold (HKG: 1787), Chaarat Gold (LON: CGH) and Yintai Gold (SHE: 000975) but negotiations fell through.