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Saracen 2013 revenues soar

29th August 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Saracen has reported a 13% increase in revenue for the year ended June, driven by a 17% increase in gold production.

Saracen reported this week that revenue for the 2013 financial year had increased to A210.6-million, compared with the A$186.2-million achieved over 2012, as the company produced some 136 168 oz.

Despite the increased revenue, Saracen reported a net loss after tax of A$63.1-million, compared with a net profit of A$18.7-million in 2012, following an impairment charge of A$79.6-million.

The write-downs related to the lower gold prices, and more specifically the spot gold price at balance date, the company said.

Earnings before interest, tax, depreciation and amortization were also down to A$55.8-million, compared with the A$63.2-million reported, while net cash flow from operations was up 40% on the previous year, to A$72.8-million.

Looking ahead, Saracen said that it expected to produce between 120 000 oz and 130 000 oz for the full 2014, with cash costs forecast to be around A$900/oz.

Edited by Creamer Media Reporter

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