https://www.miningweekly.com

Saracen grows reserves

1st August 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings has reported a 20% increase in its gold reserves, which are now estimated at 2.5-million ounces.

The company said on Wednesday that the new reserve estimate underpinned a mine life of at least seven years, based on the mid-point production guidance of 325 000 oz to 345 000 oz for the 2019 financial year.

A total mineral resource of 8.6-million ounces, as well as significant exploration upside, could see the potential to establish a mine life of more than ten years, the company said.

“We have posted record production of 316 453 oz for the past financial year, which exceeded our guidance. And we increased our guidance for this financial year to 325 000 oz to 345 000 oz,” said Saracen MD Raleigh Finlayson.

He said that the reserve increase showed that Saracen was on track to continue to grow its mine life and production from organic sources immediately adjacent to the mills, and was doing so at a cost of only A$25 a reserve ounce.

“With almost nine-million ounces in resource and drilling generating strong results across our assets, we are confident of achieving our objective of becoming a 400 000 oz/y gold producer with long mine life,” said Finlayson.

Edited by Creamer Media Reporter

Comments

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.121 0.155s - 107pq - 2rq
Subscribe Now