Photo by: Bloomberg
PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings on Wednesday reported that gold production during the three months to March had substantiated the company’s transition to a 300 000 oz/y producer.
The Thunderbox mine, in Western Australia, delivered 9 310 oz of gold during the quarter, after producing its first gold in February.
Saracen noted that commissioning of the project was nearly complete, with commercial production anticipated in the June quarter.
“Saracen’s strategy to double gold production to around 300 000 oz/y using internally generated cash flow is close to fruition. With the Thunderbox development almost complete and no debt on the books, Saracen is in an enviable position to build a significant cash position,” said MD Raleigh Finlayson.
The Carosue Dam operation delivered 33 749 oz of gold during the quarter, which was down from the 44 265 oz produced during the December quarter.
Development of the Deep South underground mine at Carosue Dam was well advanced, Finlayson said, with commercial production also expected in the June quarter.
For the full year, group production was expected to reach between 175 000 oz and 195 000 oz, with Thunderbox set to deliver between 25 000 oz to 30 000 oz of this production.
Saracen’s previous full-year production guidance was in the range of 150 000 oz to 160 000 oz.