Saracen sets higher target for 2019
PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings has beaten its production expectations for the 2018 financial year, and set itself a higher target for 2019.
Saracen on Tuesday reported record gold production of 316 453 oz during the full year ended June, which was above the 310 000 oz to 315 000 oz target set earlier this year.
The Carosue Dam operation delivered 171 301 oz during the full year, with the Thunderbox mine adding a further 145 152 oz.
In the three months to June, Saracen produced 78 930 oz of gold, with Carosue Dam contributing 44 680 oz and Thunderbox 34 250 oz.
MD Raleigh Finlayson said on Tuesday that the results showed the company was reaping the benefits of its investment programme.
“Our results have gone from strength to strength on every front. In the process, we have entrenched our position as a leading midtier ASX gold miner.
“We generated record production last financial year and we are forecasting further growth this year. This is a direct result of the investment we made in exploration and development in recent years,” Finlayson said.
He noted that the increased production was also achieved while costs were kept tight, and the company remained debt free. This has allowed Saracen to grow its cash and equivalents by a further A$17-million in the last quarter to A$118-million.
“We have achieved this while also continuing to invest in growth, as shown by the outstanding exploration results we are generating across our assets. We are confident that this strategy will underpin ongoing growth in our inventory, production rates and free cash flow.”
For the 2019 financial year, Saracen is targeting production of between 325 000 oz and 345 000 oz, with all-in sustaining costs targeted at between A$1 050/oz and A$1 100/oz.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...
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
