PERTH (miningweekly.com) – ASX-listed Saracen Mineral Holdings has exceeded its gold production expectations for the sixth consecutive quarter, with the miner producing 31 242 oz of gold during the three months to March.
Year-to-date production reached 103 580 oz.
As a result, Saracen told shareholders that full-year production would be towards the upper-end of the guidance, which was placed at between 125 000 oz and 135 000 oz.
MD Raleigh Finlayson noted that cash costs and all-in sustaining costs for the quarter were also below guidance.
At the Red October operation, Saracen reported its second quarterly production record, with the underground mine delivering 16 830 oz of gold, while the Whirling Dervish openpit operation delivered 19 062 oz during the period.
During the quarter, Saracen also announced the acquisition of the Thunderbox gold operation, which comprises over two-million ounces of resource and over 700 000 oz of reserves.
Combined with the company’s current resource, Saracen now had some six-million ounces of resource and around 1.5-million ounces of reserves.
Meanwhile, Saracen reported that 33 603 oz of gold was sold during the quarter, at an average price of A$1 534/oz, to generate revenue of A$51.6-million. Of these sales, 27 940 oz were delivered into hedging, at an average price of A$1 545/oz.