Saracen sets profit records
PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings has reported a 22% increase in net profits after tax for the year ending June, as gold production increased by 12%.
Net profits after tax for the full year have increased from A$75.6-million to a record A$92.5-million, while Saracen’s underlying net profits after tax have also increased by 40%, to A$94.2-million.
The miner on Monday reported that gold production in the full year reached a record 355 077 oz, up from the 316 453 oz reported in the previous financial year, with all-in sustaining costs declining from A$1 139/oz to A$1 030/oz in the same period.
On the back of the higher gold production, revenue for the full year was up 9%, to A$555.6-million.
“We have met or exceeded all our key guidance metrics, generating record production and profits in the process,” said Saracen MD Raleigh Finlayson.
“As a result, we grew our cash holdings by A$36-million over the year despite investing a record A$217-million in exploration and development. This investment led to a 30% increase in reserves, which is more than enough to support our target production of 400 000 oz/y for the next seven years, and we also have extensive resources which will help underpin further growth in production and mine lives.”
Finlayson said that Saracen’s priorities remained exploration and growth, however, the company’s growing free cash flow and strengthening balance sheet would enable the company to begin paying dividends to shareholders.
“While we want to ensure we maintain a strong cash position to fund organic growth and acquisition opportunities, we intend to return excess cash to our owners.”
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