Photo by: Bloomberg
PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings has reported record production in the three months to September, on the back of record group mill throughput and higher ore grades at all of its operations.
Gold production in the quarter reached 88 940 oz, with the Carosue Dam operation delivering 51 753 oz and the Thunderbox mine delivering 37 187 oz.
Gold sales for the three months under review reached 86 623 oz, at an average sales price of A$1 640/oz, generating revenues of A$142-million.
Saracen MD Raleigh Finlayson said on Tuesday that the quarterly results were consistent with the company’s growth strategy.
“This performance demonstrates that we are continuing to meet our growth objectives on every front. We recently increased our 2019 production guidance and these results are perfectly in line with the budgets underpinning it.”
Finlayson said that the company was now ramping up its A$60-million exploration for the financial year, aimed at further increasing its inventory, which in turn would underpin the drive towards a targeted output of 400 000 oz/y.
“The upshot of this is we are on track to deliver increased production and free cash flow this financial year while investing in the exploration and development strategy which will drive growth beyond then.”
For the full 2018, Saracen is currently expected to deliver between 325 000 oz and 345 000 oz of gold.