https://www.miningweekly.com

Saracen increases profit in FY17

23rd August 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings has reported a 10% increase in net profit after tax for the full year ended June, while earnings before interest, taxes, depreciation and amortisation (Ebitda) rose by 54%.

Saracen on Wednesday reported net profit of A$28.4-million, compared with A$25.9-million in 2016, while Ebitda rose to a record A$113.4-million, up from the A$73.5-million in 2016.

The company told shareholders that the substantial increase in cash flow and earnings marked a pivotal year of transition for Saracen, and highlighted the extent to which the company was set to grow over the next three years as production increased and costs fell.

Gold production during the full year rose by 45%, to a record 272 807 oz, compared with the 188 656 oz reported in 2016, as the Thunderbox mine, in Western Australia, came into commercial production.

Revenue from gold sales was also up by 53% on the previous corresponding period, from A$276.5-million to A$423.1-million.

“The substantial investment we have made in growing our inventory and production is now reaping rich rewards,” said Saracen MD Raleigh Finlayson.

“We are growing our mine lives towards ten years, we are producing at our targeted rate of 300 000 oz/y and we are reducing our costs to just A$95/oz by 2020.”

At the end of the financial year, Saracen held cash and bullion worth A$45.2-million, up from the A$40.3-million in the previous corresponding period, with the company also remaining debt free.

Edited by Creamer Media Reporter

Comments

Latest News

ASM CEO and MD Rowena Smith
ASM secures another financing letter of intent from Canadian agency
Updated 7 hours ago By: Marleny Arnoldi
BHP seeks to break mining’s M&A curse with thorny Anglo deal
BHP seeks to break mining’s M&A curse with thorny Anglo deal
Updated 2 hours 56 minutes ago By: Bloomberg

Showroom

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
Updated 7 hours ago
Magazine cover image
Magazine round up | 26 April 2024
26th April 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:0.075 0.113s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: