https://www.miningweekly.com

Saracen’s Carosue Dam continues to shine

23rd July 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

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.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.047 0.818s - 111pq - 2rq
Subscribe Now