Saracen posts record full year
PERTH (miningweekly.com) – ASX-listed gold miner Saracen Mineral Holdings has reported a strong finish to the 2019 financial year, helping to deliver a record full year production.
Gold production in the three months to June reached 88 096 oz, bringing full-year production to a record 335 077 oz, which was in line with the twice-revised guidance of between 345 000 oz and 365 000 oz.
The Carosue Dam operation delivered 45 845 oz during the fourth quarter, while Thunderbox added 42 251 oz, with group all-in sustaining costs for the quarter reported at A$1 026/oz.
For the full year, all-in sustaining costs (AISC) of A$1 030/oz were below the guidance of between A$1 050/oz and A$1 100/oz.
“Our production and cost base is consistently in line with, or better than, our guidance. This combination of reliable production and low cost gives investors an outstanding opportunity to capitalise on the strong gold price while minimising the operational risks,” said Saracen MD Raleigh Finlayson.
“At the same time, we continue to generate exceptional exploration results which support our strategy to grow the inventory and establish a 400 000 oz/y production profile with long mine lives. The ongoing success of our exploration campaign is demonstrated by the Atbara discovery at Carosue Dam, where there is potential for growth and ongoing scale.”
Saracen invested a record A$18.2-million in exploration during the fourth quarter of the 2019 financial year, and spent A$14.1-million on the bolt-on acquisition of Box Well. The company also launched a A$38-million all-scrip takeover offer for Bligh Resources.
Looking ahead, Saracen was expecting full-year production in 2020 to increase to between 350 000 oz and 370 000 oz, with AISC targeted at between A$1 025/oz and A$1 075/oz.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
