Saracen's costs fall as production rises
PERTH (miningweekly.com) – After having announced record quarterly and yearly gold production earlier this month, gold miner Saracen Mineral Holdings on Wednesday said it had also achieved record quarterly and full-year all-in sustaining costs (AISC), as well as record operational cash flow.
The miner previously reported that gold production for the full year had reached 167 531 oz, compared with a previously announced guidance of 160 000 oz. Quarterly production also reached a record of 46 563 oz.
Saracen on Wednesday noted that AISC for the quarter was a record low of A$871/oz, compared with the A$1 112/oz reported in the previous quarter, while full-year AISC reached A$1 139/oz, well below the guidance of A$1 150/oz.
All-in cash expenditure for the year fell by A$5.6-million to A$40.6-million for the full year, mainly owing to openpit mining costs falling by some A$4.1-million during the year, as mining reached the base of the Whirling Dervish openpit mine.
Gold sales were also strong, with some 44 002 oz sold in the quarter ended June at an average sales price of A$1 552/oz, for revenue of A$68.3-million.
Operational cash flows during the quarter generated a record A$36-million, beating the previous record of A$21.6-million set in the March quarter. The cash flow was determined after taking into account all openpit and underground mining costs, ore haulage, processing and site administration expenses, as well as royalties, sustaining capital and underground development.
Saracen was currently working on bringing its Thunderbox mine into production, to complement the Carouse Dam operations. With the addition of the Thunderbox operation, Saracen’s production was expected to double to 300 000 oz/y within two years.
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