Tanzanian gold magnate Ketan Patel, a prominent figure in the East African gold industry, has experienced a significant decline in his fortune as his stake in Tanzania-based miner Shanta Gold plummeted by more than $2 million in just 10 weeks.
This substantial loss comes after Patel recorded a gain of over a million dollars between Jan. 1 and April 7.
According to data tracked by Billionaires.Africa, Patel suffered a £1.81-million ($2.3 million) loss from his stake in Shanta Gold as the company’s shares on the London Stock Exchange experienced a notable pullback
Shanta Gold, an East Africa-focused gold producer, boasts valuable ore resources and exploration licenses covering approximately 1,100 square kilometers in Tanzania. Its flagship project, the New Luika Gold Mine, is located in the Lupa Gold Field in southwestern Tanzania.
As the founder of the Tanzania-based mining company, Patel presently holds a 4.22-percent stake in Shanta Gold, amounting to 44,274,017 ordinary shares.Â
In the past ten weeks, the company’s share price has declined by 30.3 percent, dropping from £0.135 ($0.172) on April 13 to £0.094 ($0.12) at the time of reporting. This decline has led to a decrease in Shanta Gold’s market capitalization, which now stands below $125 million.
Consequently, Patel’s stake in the Tanzania-based miner has slumped by £1.81 million ($2.31 million) over the same period, reducing from £5.97 million ($7.62 million) to £4.16 million ($5.31 million) at the time of reporting.
As one of the leading figures in the East African gold industry, Ketan Patel’s fortunes are closely watched by investors and industry experts.
This latest slump adds to his year-to-date losses, totaling £97,400 ($124,300), placing Patel among the few African entrepreneurs whose stakes on the London Stock Exchange have suffered significant losses this year.
