Saracen Minerals achieves record quarterly gold production

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Image credit: www.saracen.com.au

Saracen Minerals has achieved a record quarterly gold production and cash generation for the December quarter.

Image credit: www.saracen.com.au

The gold miner produced a record 66,222oz in the December quarter, resulting in record production of 127,692oz in the first six months of FY2017.

Saracen said the strong result ensured the company was on track to achieve its goal of doubling its production rate to 300,000ozpa by the June quarter, 2017.

Managing Director Raleigh Finlayson said cash and bullion increased by $1.5 million over the quarter to $439 million despite the company spending $14.6 million on exploration and growth capital.

Adertisement

He said the free cashflow would be boosted in coming quarter by increasing production and decreasing all-in sustain costs.

“Saracen’s strategy to double production and undertake aggressive exploration using internal cash flow is now paying strong dividends, cementing the Company’s status as Australian mid-tier gold producer,” Mr Finlayson concluded.