Tanzanian gold magnate Ketan Patel has seen the market value of his stake in Shanta Gold Limited slump by millions of dollars, as shares in the East Africa-focused gold producer lose more than half their value since the year began.
As of press time, Dec. 30, shares in the gold mining company were trading at £0.0812 ($0.1114), 4.41-percent lower than their opening price on the London Stock Exchange this morning.
Data gathered by Billionaires.Africa revealed that Patel, the Tanzanian businessman who founded Shanta Gold in 2001, has seen a £3.9-million ($5.3 million) loss in the market value of his stake since the start of the year.
The multimillion-dollar slump in his stake can be linked to a sustained sell-off of shares in the East Africa-focused gold producer, as investors trim down their positions in the company.
As a result of the sustained sell-off, Shanta Gold’s share price has declined from £0.17 ($0.235) on Dec. 31, 2020 to £0.0812 ($0.1114) as of the time of the drafting of this report.
The year-to-date decline in the company’s shares accrued a 51.5-percent loss for shareholders despite the 210-percent increase that the gold mining company has reported in its profit in the first half of 2021 from $1 million to $3.1 million.
Since the year began, the market value of Patel’s 4.22-percent stake has dropped from £7.6 million ($10.2 million) at the closing of business and trading on Dec. 31, 2020 to £3.7 million ($4.9 million) as of press time, Dec. 30, 2021.
This translates to a £3.9-million ($5.3 million) loss for multimillionaire gold magnate since the start of the year.