PERTH (miningweekly.com) - Gold miner Saracen has reported record quarterly production for the three months to December, with record output also achieved in the month of December.
During the quarter, Saracen produced some 32 038 oz, with 12 967 oz produced during the month.
This was compared with the 30 448 oz produced during the preceding three months.
The quarterly production record was driven by record production in December, from the processing of 209 336 t of ore at a head grade of 2.15 g/t gold. Saracen said the higher grade reflected the benefits of increased tons from the Red October underground mine, and the accessing of better grades from lower levels of the Deep South and Karari openpits.
Executive chairperson Guido Staltari noted that the December quarter was significant on three fronts, namely the continued successful development of the high-grade Red October project, which helped lift gold head grades through the Carosue Dam plant above 2 g/t in December.
Additionally, the December quarter was influenced by continued reduction in operating costs and, as a consequence of the higher grade, by both strong performance from the openpits and effective blending of ore from the southern and northern operations.
Furthermore, Saracen also completed debt funding of between A$50-million and A$65-million for its various expansion plans, including the A$25-million expansion of the Carosue Dam plant from 2.4-million tons a year to 3.2-million tons a year.