Record production drives Saracen in H1
PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings has reported an increase in revenues and underlying net profits after tax for the six months to December, underpinned by record production.
Gold production during the six months under review rose 13% to a record 177 774 oz, compared with the 157 795 oz produced in the previous corresponding period, resulting in revenue increasing from A$245.6-million to A$281.9-million.
Underlying net profits for the interim period increased from A$37.2-million to A$43.5-million, with earnings before interest, taxes, depreciation and amortisation increasing by 1% during the period, to A$104.1-million.
Saracen on Tuesday said that the strong performance was a direct result of the investment that the company made in exploration and development, which led to a 2.5-million-ounce reserve base and to production growing towards the 400 000 oz/y target.
“Our highly successful organic growth strategy is delivering exceptional results at both the operational and financial levels,” said MD Raleigh Finlayson.
“We are not just producing more gold, but we are also driving growth in cashflows and cash on hand. At the same time, we are investing record amounts in ongoing exploration to drive further increases in our inventories, mine lives, production and cashflows. This is all aimed at increasing returns to shareholders.”
Saracen spent some A$94.2-million on growth capital and exploration during the six months under review, with the company’s cash and equivalents standing at A$142.6-million at the end of the period.
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