Saracen’s Carosue Dam continues to shine
PERTH (miningweekly.com) – Gold miner Saracen has knocked over both quarterly and yearly production records, as its Carosue Dam operations delivered increased output for the third quarter in a row.
Production for the three months to June reached 37 259 oz, up from the 36 430 oz produced in the previous quarter, while full-year production was 136 168 oz.
“Our Carosue Dam operations have now recorded three consecutive quarterly production records with 37 259 oz in the June quarter eclipsing 36 430 oz and 32 038 oz in the March and December quarters respectively,” said Saracen MD Raleigh Finlayson.
Openpit operations continued at Deep South and Karari during the quarter, while mining at the Whirling Dervish mine progressed on schedule. First ore from the operation was mined in June.
However, during the quarter under review Saracen indefinitely suspended the A$25-million expansion of the processing plant from 2.4-million tonnes a year to 3.2-million tonnes a year.
With the suspension of the plant upgrade, high-grade ore from Whirling Dervish would be prioritised as mill feed over the next two years, with low-grade ore being stockpiled for processing in 2016 and beyond.
Meanwhile, Saracen reported that gold sales for the quarter reached 36 138 oz at an average sale price of A$1 497/oz for total revenue of A$54.1-million. Of these sales, 11 700 oz were delivered into hedging at an average price of A$1 647.06/oz.
“Saracen’s prudent capital management is reflected in the 176 000 oz of hedging which has a mark to market value of A$45.8-million at the end of June, representing 64% of Saracen’s market capitalisation of A$71-million at that date,” said Finlayson.
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