Home » Gold magnate Ketan Patel gains $1.17 million from stake in Tanzania-based miner

Gold magnate Ketan Patel gains $1.17 million from stake in Tanzania-based miner

by Yusuf Abdulfatai
Ketan Patel

Renowned East African gold magnate Ketan Patel’s stake in Shanta Gold Limited has significantly increased this year, reflecting the growing interest among London Stock Exchange investors in companies with robust gold operations.

Since the start of the year, Ketan Patel, a prominent figure in the East African gold industry, has seen his net worth surge by GBP 943,000 ($1.17 million) since the year began, bolstered by a double-digit spike in the company’s shares.

Shanta Gold, an East Africa-focused gold producer, boasts two defined ore resources in Tanzania and exploration licenses covering about 1,100 square kilometers.

The company’s flagship project is the New Luika Gold Mine in the Lupa Gold Field in southwestern Tanzania.

Ketan Patel, the founder of the Tanzania-based mining company, presently holds a 4.22-percent stake in Shanta Gold, amounting to 44,274,017 ordinary shares.

According to Billionaires.Africa, the company’s share price has surged by 22.14 percent since the start of the year, rising from GBP0.0962 ($0.1196) on Jan. 1 to GBP0.1175 ($0.146) as of the time of writing this report. 

As a result of the price gains, Patel’s stake in the company has risen in value by GBP943,000 ($1.17 million) since the start of the year, growing from GBP4.26 million ($5.29 million) on Jan. 1 to GBP5.2 million ($6.49 million) on April 7.

Shanta Gold’s recent share price increase is largely attributable to the recent surge in gold prices, which has bolstered the valuations of companies with significant gold assets.

As investors anticipate these companies’ ability to capitalize on the upswing in gold prices and generate higher revenue and earnings, shares in gold-focused firms have seen an uptick. 

On Tuesday, the price of gold reached a 13-month-high, surging past the $2,000 per ounce mark, a level not witnessed since March 2022.

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