TIDMSHG
RNS Number : 7789Q
Shanta Gold Limited
02 March 2021
2 March 2021
Shanta Gold Limited
("Shanta Gold", "Shanta", the "Group" or the "Company")
Full Year Results for the year ended 31 December 2020
Shanta Gold (AIM: SHG), the East Africa-focused gold producer,
developer and explorer, announces its audited final results for the
year ended 31 December 2020 ("FY2020" or the "Year"). The Company's
key assets are the New Luika Gold Mine ("NLGM" or "New Luika") and
Singida Project ("Singida") in Tanzania and West Kenya Project
("West Kenya") in Kenya.
2020 Highlights
Financial
-- Revenue of US$147.4 million ("m") (2019: US$112.8 m) at
average realised gold price of US$1,495 per oz ("/oz") (2019:
US$1,377 /oz);
-- Gross profit of US$56.7 m (2019: US$14.4 m);
-- Operating profit of US$43.8 m (2019: US$5.1 m);
-- Profit after tax of US$17.2 m (2019: Loss after tax of US$9.5 m);
-- EBITDA(1) of US$63.9 m (2019: Adjusted EBITDA(1) of US$47.7 m);
-- Operating cash flow before working capital of US$62.8 m (2019: US$47.1 m);
-- Net cash(2) of US$37.3 m (2019: net debt US$14.3 m);
-- Available liquidity(3) of US$53.5 m at the end of the year;
-- Cash costs of US$579 /oz and AISC(4) of US$841 /oz, within 2020 guidance;
-- Capital expenditure of US$13.6 m (2019: net capital expenditure of US$17.2 m); and,
-- A final dividend proposed of 0.10 pence per share, payable in April 2021.
Operational
-- Exceptional safety record with TRIFR of 0.97 and zero LTIs in 2020 (2019: zero);
-- Gold production of 82,978 ounces ("oz"), within 2020 guidance of 80,000 oz - 85,000 oz;
-- 712,945 tonnes ("t") of ore milled (2019: 702,336 t), an all-time Company record;
-- Average recoveries of 89.7 per cent achieved (2019: 89.4 per cent);
-- Average ore grade of 4.0 grams per tonne ("g/t") (2019: 4.2 g/t);
-- West Kenya acquired from subsidiaries of Barrick Gold Corporation ("Barrick");
-- Mine construction at Singida underway;
-- New probable gold reserves totalling 173,000 oz added through
exploration drilling, a net increase of 37,000 oz after production
depletion and resource optimisation; and,
-- Company-wide workforce over 99% Tanzanian and Kenyan nationals.
Sustainability
-- As a responsible operator that is committed to maximising the
positive impact of its operations for its Tanzanian communities and
reporting on its business impacts in line with best practice,
Shanta will be undertaking a review of its ESG reporting and
disclosure in 2021
2021 Outlook
-- Health and safety of our employees remains our priority, with
the necessary COVID-19 precautionary measures in place to ensure
the safety of our teams and the continuity of our operations;
-- 2021 guidance of approximately 80,000 oz at AISC(4) of US$900
- US$950 /oz on a like for-like basis and US$1,050 - 1,100 /oz
including development costs, in line with the World Gold Council
("WGC") definition;
-- Forecasted gold production to increase throughout the year
due principally to the ramp-up of the third mill and forecasted
increase in grade, resulting in production being weighted
approximately 55% towards the second half of 2021; and,
-- 2021 Tanzanian exploration budget of US$8.0 m, to be largely
directed towards securing further mine-life extension on the
existing Mining Licenses at New Luika.
Note: 1. EBITDA is earnings before tax, finance income, finance
expense, depreciation and amortisation which has been derived as
operating profit exclusive of pre-production revenue,
depreciation/depletion of tangible assets and amortisation of
intangible assets. In 2019, Adjusted EBITDA was derived as EBITDA
before non-cash loss on unsettled forward contracts.
Note: 2. Net cash includes liquidity available from 3,775 oz in
transit to the refinery at 31 December 2020.
Note: 3. Available liquidity has been derived as unrestricted
cash, restricted cash and the sale value of bullion available for
sale at the end of the year (net of royalties and expected selling
costs).
Note: 4. Development costs at the BC, Luika and Ilunga
underground operations are not included in AISC.
Final dividend proposed
Following the year-end, the Directors have proposed a final
dividend of 0.10 pence per share payable (2019: Nil). This final
dividend, which will be paid gross, is expected to align with the
following proposed timetable:
Record date: 8 April 2021
Ex-div date: 9 April 2021
Payment date: 30 April 2021
Board changes
Robin Fryer, who has been a Non-Executive Director and Chairman
of the Board's Audit Committee for seven years, notified the
Company several months ago of his intention to retire after the
Annual General Meeting. The Company will be making new
Non-Executive Director appointments in due course.
Eric Zurrin, CEO, commented:
"Last year will be forever remembered as one of the greatest
tests for governments, markets, businesses and communities due to
the global health pandemic. Operating in an industry where health
and safety has always been paramount has meant our teams and people
have been well prepared for the challenges presented by COVID-19.
I'd like to thank them for their commitment and hard work to ensure
that our business continues to operate safely and effectively
during this time, evidenced by another record year for safety
performance.
Despite a challenging macro-economic backdrop, 2020 was another
robust year for Shanta. Our strong fundamentals of net cash,
rapidly reducing debt, low costs and a growing diversified
portfolio have proven our resilience to these macro-economic shocks
and our outlook remains positive with some key growth catalysts in
the pipeline. We can now move into this new chapter and I'm
delighted to announce a final dividend of 0.10 pence per share
proposed for payment in April 2021.
2021 presents huge opportunity for Shanta as we continue to
strengthen our core operations at New Luika, progress mine
construction at Singida that began in Q4 2020 and continue the
drilling campaigns underway at our high-grade West Kenya project.
Exploration remains core to demonstrating value and growth within
our portfolio to support long-term returns to shareholders and I
look forward to providing drilling updates this month across all
three assets.
2020 shone a spotlight on the importance of sustainability to
companies and societies around the world. We have always placed our
host countries and communities at the very centre of our projects -
by prioritising local content and community employment and
embracing new technologies to minimise the environmental impacts of
our operations, such as our 63kW solar photovoltaic pilot power
plant that has been providing power to New Luika for two years now,
saving on GHG emissions. We are proud of our responsible approach
to mining and will be working this year to ensure our performance
and disclosure are aligned with international best practice to
mitigate risks and to identify opportunities to maximise our impact
in the most positive way for all our stakeholders."
Analyst conference call and presentation
Shanta Gold will host an analyst conference call and
presentation today, 2 March 2021, at 09:30 GMT. Participants can
access the call by dialling one of the following numbers below
approximately 10 minutes prior to the start of the call or by
clicking on the link below.
UK Toll-Free Number: +44 (0) 800 358 6374
UK Toll Number: +44 (0) 330 336 9104
PIN: 139408
https://events.globalmeet.com/Public/ClickToJoin/ZW5jPTdKU0RxSWF4elFlNmFvTU5XemdpYTlzaHl1NW5jVGVodEtGUTJ0WFZJNjRad2c5cE9wbHp0UT09
Participant Passcode: 139408
The presentation will be available for download from the
Company's website: www.shantagold.com . A recording of the
conference call will subsequently be available on the Company's
website.
Enquiries:
Shanta Gold Limited
Eric Zurrin (CEO) +44 (0) 14 8173 2153
Luke Leslie (CFO)
Nominated Adviser and Joint Broker
Liberum Capital Limited
Scott Mathieson / Ed Thomas / Louis Davies
/ Nikhil Varghese +44 (0) 20 3100 2000
Joint Broker
Tamesis Partners LLP
Charlie Bendon / Richard Greenfield +44 (0) 20 3882 2868
Public Relations
FTI Consulting
Sara Powell +44 (0) 20 3727 1426
About Shanta Gold
Shanta Gold is an East Africa-focused gold producer. It
currently has defined ore resources at the New Luika Gold Mine
("New Luika") and the Singida Project ("Singida") in Tanzania and
holds exploration licences covering approximately 1,100 km(2) in
the country. Shanta Gold also owns the West Kenya Project in Kenya
with defined ore resources of 1.2 Mt grading 12.6 g/t and holds
approximately 1,121 km(2) wholly owned exploration licences and 40
km(2) partially owned licences in the country.
Shanta's flagship New Luika Gold Mine commenced production in
2012 and produced 82,978 ounces in 2020. The Company is listed on
the AIM Market (AIM) of the London Stock Exchange (ticker: SHG) and
has approximately 1,048 million shares in issue. For further
information please visit: www.shantagold.com .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by the
Market Abuse (Amendment) (EU Exit) Regulations 2019.
Chairman's statement
Despite a global COVID-19 pandemic and the consequent
disruptions to supply chains, Shanta Gold has had a record year. We
have taken the opportunity to strengthen the business through the
acquisition of the West Kenya Project from Barrick Gold and
construction has started at Shanta's second mine at the Singida
project where the first gold pour is expected in late 2022.
Our underlying EBITDA increased 34% on 2019 to US$63.9 million,
buoyed by higher gold prices. We also achieved a record net profit
of US$17.2 million. During the year, Shanta extinguished its hedge
book and significantly deleveraged, moving from a net debt position
of US$14.3 million to finish the year with a net cash position of
US$37.3 million. Importantly, the team at New Luika continued to
meet high safety standards recording a third full year of zero Lost
Time Injuries.
Performance and operating highlights
As the COVID-19 pandemic spread rapidly across the globe, Shanta
was quick to implement safety protocols across its operations while
increasing critical inventories at New Luika and forging new
partnerships to prevent disruption to the operations. As a result,
New Luika had another steady year of production and costs were
within guidance. We expanded the plant towards the end of the year
to allow for the processing of lower grade ore. The Company
continued to target costs with significant savings achieved from
the partial integration of the national power grid. In 2020 we
replaced ounces ("oz") and increased the mine life at New Luika for
a second consecutive year, through successful exploration
campaigns.
Portfolio developments
The acquisition of the West Kenya Project plays to the Company's
strengths as a Long Hole Open Stoping specialist. This project is a
high-quality addition to Shanta's asset portfolio, believed to be
among the highest grading gold projects in Africa. Following the
successful equity raise conducted in the year, drilling is now
underway to determine the viability of a new gold mine.
Construction is underway at Singida which is being funded from
free cash flow generation at New Luika. Once in production the
project is expected to produce an average of 32,000 oz of gold
annually over an initial seven-year mine life. We expect Singida to
transform lives for the better in the Ikungi region of Central
Tanzania.
Sustainability
Our economic contributions in Tanzania continue to be
significant. In 2020 the Company paid US$26 million to the
Government of Tanzania in the form of taxes and royalties. New
Luika supports the local economy in Songwe through provision of
employment opportunities and skill-based training initiatives, and
all our operations provide indirect contributions via their supply
chains which consist almost exclusively of Tanzanian or Kenyan
vendors. We aim to have a workforce that reflects the countries
that we operate in and 99% of our employees are Tanzanian or Kenyan
nationals, with 40% of the Group's employees coming from
communities neighbouring New Luika.
The Company places great importance on its social and
environmental responsibilities. In recognition of this we will
publish our 2021 Sustainability Report later this year, detailing
our ambitions for increasing the Company's positive impact in the
future.
Business and market outlook
In 2021, Shanta will benefit from a strong balance sheet and
operations generating healthy cash flows. We are now investing in
the largest exploration programme in Shanta's history with 6 drill
rigs currently operating in parallel across three projects which we
expect to extend mine life and provide growth.
I am delighted to be in a position to announce that the Board
has proposed a final dividend of 0.10 pence per share to be paid in
April 2021, subject to shareholder approval.
Robin Fryer, who has been a Non-Executive Director and Chairman
of the Board's Audit Committee for seven years, has decided to
retire after the AGM. I would like here to recognize his most
valuable contribution to the Company's transformation and to its
current financial health, and to wish him well for the future. We
will be taking the opportunity to make new appointments to our
Board and expect to make a further announcement on this
shortly.
During 2020 our employees have performed exceptionally once
again in difficult conditions. On behalf of the Board I would like
to thank them for their dedication and hard work. I would also like
to thank our shareholders for their support and the communities for
hosting our projects. We enter 2021 committed to build on our
consistent record, and excited for the opportunities that lie
ahead.
Anthony Durrant
Chairman
1 March 2021
Chief Executive Officer's review
During the year Shanta made great strides across its portfolio,
acquiring the high-grade West Kenya Project from Barrick Gold,
beginning mine construction at Singida and increasing the mine life
at New Luika. There is now significant future value embedded in the
portfolio.
We finished the year meeting the better end of guidance for
production and cost and established new safety records. In a year
where disruptions were felt across the supply chain, working
procedures had to be changed to ensure safety at the mine,
including the lengthening of rotation periods. I would like to
extend my gratitude to our employees for the sacrifices this
entailed together with their tireless hard work and commitment to
our operations, which ensured a successful 2020 for our
shareholders.
Shanta's investment proposition is robust, with a diversified
and highly complementary asset portfolio. The Company is in
excellent financial health, completing the year with US$37.3
million of net cash and with most of the remaining US$11.4 million
of outstanding debt expected to be repaid in April 2021. The recent
closure of the Company's hedge book provides our shareholders with
full exposure to the gold price.
Shanta is now in a strong financial position which will enable
us to expand our reserves, increase production and pay dividends.
The Company will now start to pay dividends, and a final dividend
has been proposed for payment in April 2021.
HIGHLIGHTS
Exceptional safety record
The Company delivered an industry-leading safety performance
during the year. We adopted robust safeguards, introduced to
mitigate the risks presented at our operations by COVID-19. These
measures helped Shanta operate largely unaffected by the COVID-19
pandemic throughout 2020 and remain in place for the ongoing
protection of our team.
There were no Lost Time Injuries ("LTI's") during 2020 and the
Company has now surpassed a milestone 6 million man-hours without
an LTI. Having now successfully operated for over three years
without an LTI, Shanta continues to mark itself as one of the
safest gold mining operations worldwide, achieving a Total
Recordable Injury Frequency Rate ("TRIFR") (per 1 million hours
worked) of 0.97 in the year, a 3% reduction from 2019 (1.00) and
significantly below the global industry average of 3.20, as
measured by the International Council of Mining and Metals. This
represents a fifth successive annual decline in injuries.
Strengthening our core operations
The processing plant at New Luika processed a record ore tonnage
in 2020. Plant expansion upgrades carried out at the end of the
year have increased processing capacity by a further 14%. The team
is working on realising additional efficiency gains from the
processing plant in 2021.
Low-cost grid power contributed 12% of Shanta's power
requirements during the year; lowering power costs, diversifying
power source dependency and reducing the mine's carbon output.
Shanta expects grid power contribution to increase to 37% by the
second half of 2021.
AISC for 2020 were US$841 /oz, at the lower end of 2020 guidance
of US$830 - 880 /oz. Development costs at the BC, Luika and Ilunga
underground operations are not included in AISC.
Building the Singida Gold Mine
Following a successful drilling campaign, Singida's reserves and
grade were increased to 243,000 oz at 3.00 g/t. The Company
completed an internal Feasibility Study and started construction
work in Q4 2020.
Economics released during the year outline a compelling business
case for Singida, with considerable upside through potential
conversion of mineral resources currently outside of the
reserve-based mine plan. The project is projected to add gold
production of 32,000 oz per year at an AISC of US$869 /oz. The
Singida reserve sits within a substantial resource and the reserve
announced represents just 27% of the existing total contained
resources. Nearly all of this reserve is within 120 metres from the
surface, highlighting the potential for reserve expansion.
The Singida Gold Mine will directly employ more than 220 people
by late 2021 with the whole workforce expected to be Tanzanian.
Singida will transform the Ikungi region in central Tanzania to
benefit local communities with an estimated 5,000 people expected
to benefit from direct and indirect employment as well as Shanta's
livelihoods program. The mine is expected to contribute to advances
in the local community's health, water and education, in line with
the well-regarded CSR program at New Luika.
West Kenya Project acquisition
Shanta acquired the West Kenya Project from Barrick Gold on 19
August 2020 for purchase consideration of US$7.8 million cash and
54.6 million Shanta Gold ordinary shares. The consideration also
included a two percent life of mine net smelter return (NSR)
royalty over the Project. The Project is believed to be one of the
highest-grade gold projects in Africa, with an inferred resource of
1,182,000 oz grading 12.6 g/t. The licences cover 1,161 km(2) of
the Lake Victoria greenstone gold field, which houses Global Tier 1
assets including North Mara and Geita Gold Mine. The acquisition
gives Shanta the opportunity to establish itself as a major mining
company in Kenya.
Shortly after the acquisition was completed, the Company
announced the results of an independent Scoping Study for the
project. Highlights included a post-tax NPV(8%) of US$340 million
at a base case gold price of US$1,700 /oz and an unlevered IRR of
110%, with annual production for an initial estimated nine-year
mine life averaging 105,000 oz.
The Company is committed to progressing the project to a
construction decision, expected within the next three years. To
finance this, gross proceeds of GBP32.2 million (approximately
US$42.1 million) were raised during the year through the issue of
an aggregate 194,884,309 shares at a price of 16.5 pence per
Ordinary Share. This is expected to be sufficient for the Company
to be able to confirm the viability of a potential new gold mine.
Work is progressing well so far, with two drill rigs now
operational on site, and the first phase of infill drilling
underway.
Portfolio-wide exploration
The Company has a track record of replacing mined reserves at
New Luika, with 173,000 oz of new reserves added in 2020 at a cost
of US$19 /oz. This resulted in a net increase of 37,000 oz after
production depletion and resource optimisation. All of New Luika's
underground deposits drilled during 2020 remain open at depth and
along strike.
Regionally, Shanta holds a sizeable portfolio of prospecting
licences covering approximately 1,100 km(2) in the highly
prospective Lupa Goldfield. During 2020, Shanta conducted
additional works at one of its key regional targets, Porcupine
South, following which it was able to declare a maiden open pit
resource at the deposit of 64,000 oz at 2.08 g/t. On the back of
this success, further exploration will be carried out at this
target in 2021. Porcupine South is located approximately 22 km east
of New Luika's processing plant and is within economically viable
trucking distance.
During 2020, JORC compliant reserves across the Group increased
by 82% to 625,000 oz at a grade of 3.00 g/t. Group resources
increased by 75% to 3.2 million oz at a grade of 3.53 g/t, which
was largely driven by the acquisition of the West Kenya Project (NI
43-101 compliant). These results reflect the increase in
exploration expenditure during the year to US$4.8 million, which
was 84% higher than 2019. The Company's reserves assume a long-term
gold price of US$1,350 /oz.
Building on the exploration successes of 2020, the Board has
approved an US$8.0 million Tanzanian exploration budget for 2021.
Shanta recently announced the appointment of Mr Yuri Dobrotin as
the Company's new Group Exploration Manager. A global expert in
gold exploration, Yuri will be spearheading exploration activities
across the Group with a primary focus on West Kenya. Adding new
reserves to the respective mine plans can have a tremendous impact
on shareholder value and we look forward to multiple exploration
campaigns in 2021.
Final dividend proposed for April 2021
Significant free cashflow in 2020 helped Shanta continue its
rapid deleveraging of recent years, with gross debt falling 48% in
the year to US$11.4 million. The Company repaid its senior secured
debt to Investec and entered a net cash position for the first time
in its producing history.
Shanta Gold intends to pay a semi-annual dividend, commencing
with a proposed final dividend of 0.10 pence per share. The Board
will consider the Company's financial condition and outlook in
determining or recommending future payments. This marks Shanta's
transition into a dividend-paying multi-asset gold producer. I
would like to personally thank all of our shareholders for their
longstanding support as the Company moves forward into a new era of
distributing a portion of cash returns to investors.
VAT status on refunds
The Company's VAT receivable rose to US$27.6 million at the end
of the year. US$1.9 million of the receivable balance was offset
against corporate taxes falling due in the year and the remaining
VAT receivable is subject to verification audit by the Tanzanian
Revenue Authority ("TRA") before being available for further
offsets. The Company has taken extensive legal and tax advice to
recover the VAT and is pursuing the appropriate avenues to recover
the full balance.
Tanzanian legislative framework
During 2017, the Tanzanian Parliament enacted several
legislative bills, which amended the Mining Act 2010 to provide for
an increased government shareholding in mining projects. The
amendments entitle the government to a minimum of 16% free carried
interest in all mining projects, and the right to increase this
commensurate with the value of historic tax reliefs and exemptions
enjoyed by the mining company (up to a maximum of 50%). Since the
incorporation of its Tanzanian subsidiaries, Shanta has not been
the recipient of any preferential tax arrangements in Tanzania nor
has it been party to a Mining Development Agreement.
These changes preceded the announcement by Barrick Gold on 20
October 2019 that they had entered into a bilateral agreement to
share the future economic benefits from Barrick Gold's mines in
Tanzania on a 50/50 basis. It is management's view that a similar
arrangement between Shanta and the Government of Tanzania could be
required.
On 30 October 2020, the Mining (State Participation) Regulations
2020 were published, which expanded on this free-carried interest
and provided that the Government of Tanzania shall enjoy the right
to receive a proportionate share from any repayment of equity or
loan.
It remains uncertain how the new legislative bills will be
interpreted and implemented. To date, with the exception of the
increase in royalties from 4% to 6% and the introduction of a
clearing fee of 1% which was effective from July 2017, there has
been no material impact on the Group. The Company continues to take
in-country legal and tax advice to monitor the situation
carefully.
OPERATIONS REVIEW
New Luika Operations Review
New Luika had another strong year and set an all-time record for
tonnes milled. Total mill feed was 712,945 tonnes ("t") at an
average grade of 4.0 g/t to produce 82,978 oz of gold, in line with
guidance of 80,000-85,000 oz. The processing plant continues to
operate above its nameplate processing capacity and upgrades have
been made post year end to increase this further and drive greater
throughput.
AISC for the year were US$841/oz, at the lower end of guidance
of US$830 - US$880/oz. The Group maintains a laser-like focus on
its cost base and supplier contracts are reviewed on an ongoing
basis. Following connection to the state ("TANESCO") power grid
towards the end of 2019, low-cost grid power contributed 12% power
requirements in 2020, resulting in a 19% reduction against budgeted
power costs. This transition towards more grid power contribution
is expected to increase to as high as 37% at New Luika by the
second half of 2021.
FINANCIAL OVERVIEW
Turnover for the year from sales of gold amounted to US$147.4
million, compared to US$112.8 million in 2019. This increase of
30.7% was largely driven by higher spot gold prices during the
year. By the end of 2020 the Company had sold 83,228 oz of gold
(2019: 80,926 oz), with a further 3,775 oz in transit to the
refinery. A loss on non-hedge derivatives and other commodity
contracts of US$11.7 million (2019: US$9.8 million) was incurred in
the year and the Company is now unhedged.
Operating profit for the year was US$43.8 million (2019: US$5.1
million), heavily impacted by the improved gold price achieved per
oz and reduced depreciation. EBITDA amounted to US$63.9 million
(2019: Adjusted EBITDA of US$47.7 million).
A profit before tax of US$39.0 million (2019: loss before tax of
US$1.2 million) was recorded. A tax charge amounting to US$21.8
million (2019: US$8.3 million) resulted in a profit after tax of
US$17.2 million (2019: loss after tax of US$9.5 million). The
increased tax charge in 2020 reflects the Group's increased
profitability and US$4.1 million recognised in respect of
historical tax assessments conducted in the Period.
Unrestricted cash at the year-end totalled US$41.6 million
(2019: US$3.5 million). At the end of the year the Company had net
cash of US$37.3 million (2019: net debt of US$14.3 million),
inclusive of liquidity available from 3,775 oz of unsold doré in
transit at the end of 2020.
ENVIRONMENT
Meeting our energy needs
We have taken steps in recent years to reduce our carbon
footprint and increasingly power our operations from renewable
sources. The solar hybrid power plant continues to provide New
Luika with clean electricity, contributing 2% of New Luika's total
power requirements in 2020. We were also able to meet 12% of New
Luika's power requirements from the TANESCO grid, which draws 37%
of its wattage from hydro-electric sources. The Company is
committed to minimising its carbon footprint and alternative power
sources are expected to be a contributor of reliable and clean
energy for the mine moving forwards.
Managing our water supply
Consistent and plentiful water supply is a challenge in the
Songwe region which has unpredictable rainfall and limited water
infrastructure. We take our water stewardship responsibilities
seriously and work to balance the needs of our operations without
preventing access for others. Our water recovery program at New
Luika means nearly 50% of water used in tailings is recovered via a
Return Water Dam ("RWD"). We are committed to the responsible and
efficient use of water and the team continue to look for ways to
manage our consumption and find innovative solutions to water
supply.
Responsible tailings and waste management
We prioritise careful waste management and take disposal of
hazardous waste from our mining operations seriously. Our two
Tailings Storage Facilities ("TSF's") have been carefully
constructed to safely contain waste from ore processing. Waste rock
from underground mining activities is deposited on professionally
engineered waste rock dumps and in 2020 we started rehabilitating
the Luika Waste Rock Dump by adding topsoil and planting
vegetation, which will eventually repair the disturbed earth
naturally.
Protecting biodiversity and closure planning
The Songwe region has a rich ecosystem and we try to harmonise
our existence at New Luika with the wildlife and plant species that
inhabit the area. A new onsite tree nursery plantation was
completed at the start of 2020 to help with the reclamation of
vegetation. In addition we communicate clear rules to visitors and
employees regarding the safeguarding of wildlife and adhere to the
local laws for their protection.
We understand that our legacy on the Songwe region will be felt
long after mining activities have finished, and we therefore have
detailed social and environmental plans in place for a successful
closure of New Luika for our community and country stakeholders.
The latest version of our detailed Mine Closure Plan ("MCP") was
approved by the Mining Commission in 2020 and we will continue to
update this as necessary to ensure we fully restore and
rehabilitate the New Luika site after gold production has
ceased.
CORPORATE SOCIAL RESPONSIBILITY
People
Our employees are the Company's most important asset, and it is
through their commitment and sustained efforts that we have
succeeded in producing yet another set of strong results.
The Group's headcount, including employees at New Luika, Singida
and West Kenya Project, totalled 764 people at the end of 2020
(2019: 748 people) and our Tanzanian staff span every discipline.
The Executive Committee and Board of Directors of SMCL are led
almost entirely by Tanzanian nationals.
At the end of 2020, 99% of the Company's workforce were from our
host countries Tanzania
or Kenya (2019: 99%) and approximately 40% of the Group's
employees are from local communities around New Luika. This
demonstrates the importance of our mine as a major employer for
nearby villages and towns, driving the local economy in an area
that continues to suffer from high unemployment and economic
difficulties.
Business Sustainability
Shanta is committed to supporting social and economic
development around the Company's producing mines. Ensuring that our
presence and activities benefit all stakeholders is a core aspect
of the Company's sustainability values.
We aim to support local businesses wherever possible and procure
products locally to both streamline the Company's logistics and
support the nearby economy. In 2020, 83% of New Luika's procurement
was in-country.
Shanta was recently awarded first place in Local Content
Performance for 2019/2020, as per Mining Act 123 in Tanzania, a
testament to our invaluable Social License to operate.
The Company's CSR programme has been developed through the
implementation of community initiatives that are devised with the
direct engagement of key community and regional stakeholders.
Shanta typically plays a partner role in these projects, providing
funding where required but also ensuring capacity is built for the
local populations to engage in self-sustaining development. The
goal is for participants to retain learned skills that can be
transferred to future generations, leaving a lasting impact.
Several new initiatives have been rolled out in 2020 and
Education, Water, Livelihood and Health continue to represent the
bedrock of Shanta's community priorities.
Education
The New Luika CSR team work closely with the Songwe regional
leaders and head teachers at the primary and secondary schools in
nearby Saza, Mbangala, Maleza and Patamela to understand the
educational priorities of their students. Shanta's team place great
value on supporting local education and employees made various
donations in the year. New Luika received 2,119 donated books that
were distributed to five local primary schools and these are now
kept in each school's library to ensure easy access. Shanta also
partnered with several international suppliers in the year to
provide desktop computers, laptops, projectors and printers for a
new ICT lab at one of Songwe's Primary Schools.
For many years Shanta has supported regional educational
infrastructure development projects in Songwe. In 2020 Shanta
donated 1,000 corrugated iron roofing sheets and 1,000 bags of
cement (50 kg each) for education infrastructure in the region.
Several of Shanta's recent educational infrastructure development
projects have now been completed. Two new staff houses constructed
at Saza will help the local schools attract and retain high quality
staff, and a further two are under construction at nearby Patamela.
In Maleza, three classrooms have been added to the Primary School,
expanding the number of classrooms to seven.
With many children having to travel a significant distance to
reach schools in the region, damage to the roads can present access
issues. After a crucial 5.5 km stretch of nearby road was damaged
by flooding during the year, Shanta assisted rebuild efforts by
accommodating the Tanzania National Roads Agency (TANROADS) at New
Luika and supported the necessary upgrade by providing HDPE pipes
and aggregates.
Over the past few years Shanta has provided teacher training to
its local schools through a partnership with Hazelwood School
(Charity Number 312081). National Standard 7 results were announced
towards the end of the year and we were delighted that each of
Maleza, Mbangala and Patamela's primary schools achieved a 100%
pass rate.
Water
Availability of fresh water continues to be a massive challenge
for much of the local population in Songwe and Singida, areas that
suffer an extensive dry season, which can last for six months.
The challenge is often geographic, with residents in nearby
Patamela historically relying on three distant hand-held pumps for
their water supply. During the year Shanta installed new
solar-powered water taps, benefiting approximately 2,000 people,
and each home now has direct water access with the use of solar
power having the added benefit of avoiding reliance on any
additional electricity supply.
In 2021, plans are in place to connect our Luika dam reservoir
to Mbangala, providing fresh water for approximately 7,600 people
on a sustainable basis.
Livelihood
Farming is one of the key sources of income for the population
in Songwe, but there are many ongoing challenges to this,
particularly climate change, with the resulting droughts, floods,
and temperature shocks causing income unpredictability. This has
often meant people turning to artisanal and small-scale mining,
which is dangerous and illegal. During the year, Shanta's emergency
rescue team at New Luika responded to several incidents involving
artisanal miners as well as a locally established mining company to
evacuate their workers. Shanta works to enhance the livelihoods of
those in the surrounding region by supporting a range of
initiatives to help people find sustainable opportunities to
generate income.
Shanta's farming collaboration with Export Trading Group ("ETG")
has grown significantly since inception in 2016, and approximately
1,500 farmers are enrolled in the scheme which provides training on
agriculture methods. In 2020 Shanta facilitated training to owners
in the community on harvesting and post-harvest handling, and
treatment advice regarding domestic animal diseases. In addition to
training, Shanta purchased and distributed 3,800 kg of sesame and
300 kg of sunflower seeds for participating farmers unable to
purchase these themselves. During the latest sesame harvest over
4,800 acres were cultivated with the participating farmers expected
to earn in the region of US$1.0 million. This farming initiative
continues to expand with optimised farming practices being adopted
regionally.
Shanta has also championed other agricultural projects, and
through its Mining Agriculture Improvement Project, has sponsored
training and accreditation for 57 local farmers under TOSCI, the
Government Institute responsible for the certification and
promotion of quality agricultural seeds. The training provided
under these schemes is crucial for imparting skills and knowledge
to participants which are then transferrable into practice and
ultimately will help participating farmers better optimise future
crop harvests.
In addition to traditional farming, the beekeeping initiative
rolled out by Shanta in 2018 at both Mbangala and Saza has
progressed strongly. Newly trained residents enrolled in the
programme harvested 2,350 kg of honey in 2020, an 161% annual
increase. The number of beehives in operation has also increased
from 143 to 250, and the participants are protected by clothing
outfits and beehive huts all donated by New Luika. Towards the end
of 2020 a honey processing plant was purchased locally and donated
to the Mbanagala beekeeper's group. This equipment will help local
honey processing become more efficient.
Health
Shanta supported the local response to the Coronavirus pandemic,
working closely with authorities in the construction of a new
District Coronavirus Patient Treatment Centre. Shanta completed
electrical and window installation works, with wiring for the
building completed in collaboration with TANESCO. In other efforts
to support the Songwe region, the New Luika team donated chemical
suits, masks, glasses and 1,000 litre water tanks to support the
district's medical team.
Long-term health matters are a challenge for many in the local
region, and a key success during the year was a one-day Community
Health Bonanza delivered by Shanta's team at New Luika for the
nearby villages of Mbangala and Saza. Over 500 residents were
screened for various health-related matters including hypertension,
diabetes, anaemia, and Body Mass Index ("BMI"). Patients who
required treatment were provided with appropriate medicines and
attendees also received health and nutritional education from
medical doctors and nutritionists. Shanta collected 80 blood
donations during the event, which significantly replenished the
local District Blood Bank.
Outlook
Annual production guidance at New Luika for 2021 has been set at
approximately 80,000 oz at an AISC of US$900-950 /oz on a
like-for-like basis, and US$1,050 - 1,100 /oz including development
costs in line with the World Gold Council ("WGC") definition. This
cost guidance takes into consideration the impact of higher-cost
supplementary open pit mining from Elizabeth Hill, royalties which
are expected to be incurred on a higher average selling price, and
increased on-mine exploration spend compared to 2020.
I would like to again extend my gratitude to our employees, our
shareholders, members of the Board and our partners for their
commitment to the Company and unwavering support.
Eric Zurrin
Chief Executive Officer
1 March 2021
SHANTA GOLD LIMITED
Consolidated statement of comprehensive income
31-Dec 31-Dec
2020 2019
Notes US$'000 US$'000
Revenue 147,431 112,795
Loss on non-hedge derivatives and
other commodity contracts (11,688) (9,833)
--------- ---------
Depreciation (19,361) (30,613)
Other cost of sales (59,664) (57,982)
--------- ---------
Cost of sales (79,025) (88,595)
--------- ---------
Gross profit 56,718 14,367
Administration expenses (8,156) (6,625)
Exploration and evaluation costs (4,809) (2,611)
--------- ---------
Operating profit 43,753 5,131
Finance income 1,870 53
Finance expense (6,622) (6,375)
--------- ---------
Profit / (Loss) before taxation 39,001 (1,191)
Taxation (21,798) (8,291)
--------- ---------
Profit / (Loss) for the year attributable
to the equity holders of the parent
Company 17,203 (9,482)
Profit / (Loss) after taxation 17,203 (9,482)
Other comprehensive income:
Items that may be reclassified
to profit or loss:
Exchange differences on translating
foreign entities which can subsequently
be reclassified to profit or loss - 1
--------- ---------
Total comprehensive income attributable
to the equity holders of the parent
Company 17,203 (9,481)
--------- ---------
Earnings / (Loss) per share attributable
to the equity holders of the parent
Company
Basic earnings / (loss) per share
(US$ cents) 4 2.023 (1.206)
Diluted earnings / (loss) per share
(US$ cents) 4 2.018 (1.206)
--------- ---------
The profit / (loss) for the year and the total comprehensive
income for the year are attributable to the equity holders of the
Parent Company. There are no non-controlling interests. The items
in the above statement are derived from continuing operations.
Consolidated statement of financial position
31-Dec 31-Dec
2020 2019
Notes US$'000 US$'000
ASSETS
Non-current assets
Intangible assets 43,343 23,378
Property, plant and equipment 77,449 82,748
Right of use assets 3,260 2,947
Other receivables 27,560 19,968
Total non-current assets 151,612 129,041
--------- ---------
Current assets
Inventories 30,040 27,090
Trade and other receivables 4,649 6,282
Restricted cash 2,500 2,500
Cash and cash equivalents 41,582 3,506
Total current assets 78,771 39,378
--------- ---------
TOTAL ASSETS 230,383 168,419
--------- ---------
CAPITAL AND RESERVES
Equity
Share capital and premium 210,493 158,440
Share option reserve 338 473
Convertible loan notes reserve 5,374 5,374
Translation reserve 450 450
Shares to be issued 1,043 627
Retained deficit (51,776) (69,114)
TOTAL EQUITY 165,922 96,250
--------- ---------
LIABILITIES
Non-current liabilities
Loans and other borrowings 5 4,270 5,219
Provision for decommissioning 6,346 8,426
Provision for deferred taxation 10,451 10,518
Total non-current liabilities 21,067 24,163
--------- ---------
Current liabilities
Trade and other payables 12,208 23,612
Loans and other borrowings 5 5,713 14,026
Convertible loan notes 9,999 9,987
Income tax payable 15,474 381
Total current liabilities 43,394 48,006
--------- ---------
TOTAL LIABILITIES 64,461 72,169
--------- ---------
TOTAL EQUITY AND LIABILITIES 230,383 168,419
--------- ---------
The financial statements were approved and authorised for issue
by the board of Directors on 1 March 2021 and signed on its behalf
by:
Eric Zurrin Anthony Durrant
Chief Executive Officer Chairman
Consolidated statement of changes in equity
Share Share Share Convertible Translation Shares Retained Total
capital premium option loan notes reserve to be deficit Equity
reserve reserve issued
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Total equity
31 December
2018 117 157,731 698 5,374 450 592 (59,835) 105,127
-------- --------- -------- ------------ ------------ -------- --------- --------
Effect of adoption
of IFRS 16 - - - - - - (10) (10)
-------- --------- -------- ------------ ------------ -------- --------- --------
Total equity
1 January 2019
as restated 117 157,731 698 5,374 450 592 (59,845) 105,117
-------- --------- -------- ------------ ------------ -------- --------- --------
Loss for the
year - - - - - - (9,482) (9,482)
Other comprehensive
income for
the year - - - - - - 1 1
-------- --------- -------- ------------ ------------ -------- --------- --------
Total comprehensive
income for
year - - - - - - (9,481) (9,481)
Share based
payments 1 591 (13) - - 35 - 614
Lapsed options - - (212) - - - 212 -
Total equity
31 December
2019 118 158,322 473 5,374 450 627 (69,114) 96,250
-------- --------- -------- ------------ ------------ -------- --------- --------
Profit for
the year - - - - - - 17,203 17,203
-------- --------- -------- ------------ ------------ -------- --------- --------
Other comprehensive - - - - - - - -
income for
the year
-------- --------- -------- ------------ ------------ -------- --------- --------
Total comprehensive
income for
year - - - - - - 17,203 17,203
-------- --------- -------- ------------ ------------ -------- --------- --------
Share based
payments - 627 - - - 416 - 1,043
-------- --------- -------- ------------ ------------ -------- --------- --------
Lapsed options - - (135) - - - 135 -
-------- --------- -------- ------------ ------------ -------- --------- --------
Shares issued
(net of expenses) 31 51,395 - - - - - 51,426
-------- --------- -------- ------------ ------------ -------- --------- --------
Total equity
31 December
2020 149 210,344 338 5,374 450 1,043 (51,776) 165,922
-------- --------- -------- ------------ ------------ -------- --------- --------
Consolidated statement of cash flows
31-Dec 31-Dec
2020 2019
Notes US$'000 US$'000
Net cash flows generated from operating
activities 6 34,608 37,598
Investing activities
Purchase of intangible assets (8,549) (108)
Purchase of plant and equipment (142) (54)
Purchase of right of use assets (260) -
Purchase of assets under construction (4,654) (13,572)
Capitalised mine development expenditure (8,543) (7,104)
--------- ---------
Net cash flows used in investing activities (22,148) (20,838)
---------
Financing activities
Ordinary shares issued (net of expenses) 39,996 -
Loans repaid (10,987) (13,985)
Principal paid on lease liabilities (1,087) (1,587)
Interest paid (1,975) (3,443)
Purchase of silver to fulfil silver stream (331) -
obligation
Buy-back of convertible loan notes - (5,219)
Equipment loan repaid - (1,046)
Loans received (net of loan arrangement
fees) - 3,068
Net cash flows received from / (used
in) financing activities 25,616 (22,212)
--------- ---------
Net increase / (decrease) in cash and
cash equivalents 38,076 (5,452)
Cash and cash equivalents at beginning
of year 3,506 8,958
Cash and cash equivalents at end of year 41,582 3,506
--------- ---------
1. General information
Shanta Gold Limited (the Company) is a limited company
incorporated in Guernsey. The address of its registered office is
11 New Street, St Peter Port, Guernsey, GY1 2PF. The nature of the
Group's operations and its principal activities are set out in the
Chairman's statement, the Chief Executive Officer's review and the
Directors' report published within the 2020 Annual Report.
2. Basis of preparation
The financial information set out herein does not constitute the
Group's statutory financial accounts. This information has been
derived from the Group's Annual Report and full financial
statements for the year ended 31 December 2020 which were approved
and authorised for issue on 1 March 2021 and upon which the
auditors have reported without qualification.
The Group's 2020 Annual Report and financial statements will be
distributed to shareholders and made available on the Company's
website at http://www.shantagold.com on 2 March 2021.
The Group's consolidated financial statements, which form part
of the 2020 Annual Report, have been prepared in accordance with
International Financial Reporting Standards (IFRS and IFRIC
Interpretations) issued by the International Accounting Standards
Board ("IASB"), as adopted by the European Union ("IFRS").
The preparation of financial statements in compliance with
adopted IFRS requires the use of certain critical accounting
estimates. It also requires Group's management to exercise judgment
in applying the Group's accounting policies. The areas where
significant judgements and estimates have been made in preparing
the financial statements and their effect are disclosed in the 2020
Annual Report.
3. Going Concern
Based on a review of the Group's budgets, cashflow forecasts and
its ability to flex its forecast spending to suit prevailing
circumstances, the Directors consider that the Group has adequate
resources to continue its operational existence for the foreseeable
future. Notwithstanding the Group's current strong financial
performance and position, the Board are cognisant of the potential
impacts of COVID-19 on the Group. To date, there has been little
impact of COVID-19 on the Group's operations and, whilst the
potential future impacts are unknown, the Board has considered the
operational disruption that could be caused by factors such as
illness amongst our workforce and potential disruptions to supply
chain, factoring in these potential impacts and reasonable
mitigating actions to forecasts and sensitivity scenarios.
At 31 December 2020 the Group had an unrestricted cash balance
of US$41.6 million and net cash of US$37.3 million. Despite delays
in recovering VAT, the Group has sufficient operating cashflows to
continue to operate for the foreseeable future, including meeting
contractual debt repayments in the forecast period. The Group
expects to settle existing future commitments associated with the
maturity of the convertible loan notes.
The Directors have concluded that these circumstances form a
reasonable expectation that the Group has adequate resources to
continue in operational existence, for the foreseeable future. For
these reasons, the Directors continue to adopt the going concern
basis in preparing the Annual Report and Accounts.
4. Earnings per share
Basic earnings / (loss) per share is computed by dividing the
profit / (loss) attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the
year.
31-Dec 31-Dec
2020 2019
US$'000 US$'000
Profit / (loss) for the year attributable to
equity holders of Company 17,203 (9,482)
Profit / (loss) used in calculation of basic
earnings per share (see below) 17,203 (9,482)
Basic earnings / (loss) per share (US cents) 2.023 (1.206)
Weighted average number of shares in issue 850,274,078 785,971,533
------------ ------------
There were share incentives outstanding at the end of the year
that could potentially dilute basic earnings per share in the
future as shown in the table below:
31-Dec 31-Dec
2020 2019
Number Number
The Group has the following instruments
which could potentially dilute basic earnings
per share in the future:
Shares to be issued 4,543,126 6,555,926
Shares to be issued relate to performance bonuses payable to
management and senior employees in respect of 2020.
As the Group is in a profit-making position, the potential
ordinary shares are dilutive and therefore a diluted earnings per
share has been calculated as follows:
31-Dec
2020
US$'000
Profit for the year attributable to equity holders
of Company 17,203
Profit used in calculation of diluted earnings
per share 17,203
Diluted earnings per share (US cents) 2.018
Weighted average number of shares in issue and
potential ordinary shares 852,665,906
------------
In 2019 the potential ordinary shares were anti-dilutive as the
Group was in a loss-making position and therefore a diluted loss
per share was not calculated.
5. Loan and other borrowings
31-Dec 31-Dec
2020 2019
US$'000 US$'000
Current liabilities
Loans payable to Investec Bank less
than 1 year (1) - 5,343
Silver stream (2) 1,899 1,765
Loans payable to Exim Bank less than
1 year (3) 2,636 5,959
Equipment loan (4) - 299
Lease liabilities (note 13) 1,178 660
-------- --------
5,713 14,026
-------- --------
Non-current liabilities
Silver stream (2) 3,691 2,471
Loans payable to Exim Bank more than
1 year (3) - 2,210
Lease liabilities (note 13) 579 538
-------- --------
4,270 5,219
-------- --------
Total loans and other borrowings 9,983 19,245
-------- --------
The finance expense recognised in respect of loans and
borrowings in the year amounted to US$0.7 million (2019: US$1.9
million).
(1) Investec loan
Loan from Investec Bank in South Africa relates to two
facilities totalling US$40 million obtained in May 2015. The
facilities bore an annual interest rate of 3-month US$ LIBOR +4.9%
and were secured on the bank account which is credited with gold
sales, the shares in SMCL and a charge over the assets of SMCL.
Both facilities were fully repaid in the year.
(2) Silver Stream
The Company entered into a silver streaming agreement ("SSA")
with Silverback Limited ("Silverback"), a privately held
Guernsey-based investment company, under which Silverback paid the
Company an advanced payment of US$5.25 million on closing.
Silverback will also pay the Company an ongoing payment of 10 per
cent. of the value of silver sold at the prevailing silver price at
the time of deliveries which will be made annually. The SSA relates
solely to silver by- product production from New Luika with minimum
silver delivery obligations totalling 608,970oz Ag over a 6.75-year
period. There is a requirement to settle any shortfall in silver
delivery from the minimum obligation in cash. The term of the SSA
is 10 years during which time the Company will sell silver to
Silverback and receive ongoing payments of 10% of the silver sold
at the prevailing silver price. However, the Company has no minimum
ounce obligations after 2022. The Silver Stream liability was
re-estimated during the year to include the extension to life of
mine plan achieved in 2020. The liability is calculated using the
forward silver price and interest at the effective rate is imputed
interest.
Silver Stream 31-Dec 31-Dec
US$'000 2020 2019
Balance at 1 January (4,236) (3,948)
Value of silver transferred 2,207 1,746
Interest at the effective interest rate (1,443) (870)
Adjustment for the value in future estimates (940) (176)
Change in estimate (1,178) (988)
At 31 December (5,590) (4,236)
-------- --------
(3) Loans payable to Exim Bank
The Company entered into a US$10.0 million financing from Exim
Bank (Tanzania) Limited ("EXIM") following the commissioning in
March 2017 of its 7.5 Mega Watts ("MW") Power Station at New Luika.
This facility comprised US$7.5 million long term funding and US$2.5
million short-term funding for working capital, with the four-year
term loan bearing variable interest at 7.25% per annum (2.75% below
the Exim Base Lending Rate). The term loan is secured against the
New Luika Power Station and was fully drawn during 2018.
In 2019 SMCL refinanced its existing term loan with Exim. The
new term loan facility comprised US$7.5 million long term funding
and US$2.5 million short-term funding for working capital, and
extends until the end of 2021. The term loan continues to bear
variable interest at 7.25% per annum (2.75% below the Exim Base
Lending Rate). The term loan is secured against the New Luika Power
Station and included a grace period on principal repayments until
September 2019. 25% of the drawn down balance continues to be held
as restricted cash in accordance with the conditions of the
agreement. The US$2.5 million short-term funding for working
capital is held as restricted cash in accordance with the
conditions of the agreement (note 18). SMCL has not drawn down
further amounts on the new facility, aside from the principal
balance that was otherwise outstanding at the time of
refinancing.
(4) Equipment loan
This loan is in respect of a EUR2.1 million underground
equipment financing entered into during 2017 with Sandvik Mining
and Construction OY and is payable in 24 instalments commencing on
28 June 2017 and bore interest at a fixed rate of 6.5% over three
years. The equipment purchases were part of Shanta's capital
programme and followed a previous similar arrangement entered into
during 2016.
6. Net cash flows from operating activities
31-Dec 31-Dec
2020 2019
US$'000 US$'000
Profit / (Loss) before taxation for the year 39,001 (1,191)
Adjustments for:
Depreciation/depletion of tangible assets 18,956 27,384
Amortisation of right of use assets 1,163 3,933
Amortisation/write off of intangible assets 14 7
Share based payment costs 1,043 614
Loss on open non-hedge derivatives and other
commodity contracts - 8,434
Unrealised exchange losses / (gains) 75 (200)
Non-cash settlement of Silver Stream obligation (2,207) (1,745)
Finance income - decommissioning provision (1,850) (53)
Finance expense 6,622 6,375
Pre-production revenue - 3,563
Operating cash flow before movement in working
capital 62,817 47,121
Increase in inventories (2,950) (2,611)
Increase in receivables (7,705) (5,671)
(Decrease) / Increase in payables (11,404) 436
--------- --------
40,758 39,275
Taxation paid (6,170) (1,730)
Interest received 20 53
Net cash flow from operating activities 34,608 37,598
--------- --------
7. Events after reporting date
Following the year-end, the Directors have proposed a final
dividend of 0.10 pence per share payable (2019: Nil), subject to
the approval of shareholders on 24 March 2021. This dividend is
expected to be payable to those shareholders on the Company's
register on 9 April 2021.
ENDS
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