Guernsey's Shanta Gold Gets $196.1M Takeover Approval

Guernsey-based Shanta Gold Ltd, an East Africa-focused gold producer, has received unconditional approval for its takeover by Saturn Resources Ltd, a subsidiary of ETC Holdings Mauritius Ltd. The final cash offer valued Shanta at approximately 156.1 million pounds ($196.1 million). Approvals from various authorities, including the Competition Authority of Kenya and the Tanzanian Mining Commission, have been secured. Shanta Gold is now moving towards a court hearing to finalize the acquisition, expected to be effective in the first half of financial 2024.

The approval process marks significant progress for both companies, with Shanta Gold shares showing a 1.4 percent increase to $0.18 each in London, reflecting investor confidence in the deal's outcome.