Saracen Minerals sets production record despite coronavirus
Gold miner Saracen has had posted record production from its Australian mines, despite coronavirus restrictions.
Gold miner Saracen has beaten its March quarter production guidance, despite restrictions imposed to limit the impact of the coronavirus, saying on Tuesday it had posted record production from its Australian mines.
Saracen produced 158,132oz from its Australian operations in the period, at an average all-in-sustaining cost of $1133/oz.
The company said its gold sales generated $369m in revenue in the period, and posted an unaudited net profit after tax of $65 to $70m for the period.
Saracen said it had a record quarter at its Thunderbox mine, with production of 50,091oz at AISC of $682/oz. Carosue Dam produced 49,478ozat AISC of $1,308/oz; and the Super Pit produced 58,563oz for Saracen’s half of the mine at AISC of $1,415/oz.
In late March Saracen said measures to prevent the spread of the coronavirus in WA had little impact on its operations.
It said it still expected record group production of 150,000 to 155,000oz from its WA mines in the March period, including half of the Super Pit, and said it expected to finish the quarter with cash and bullion of $325 to $330m.
Saracen produced 216,452oz in the six months to the end of December 2019, and finished the first half of the financial year with $239m in cash and bullion, with $360m in debt.
It finished March with $340.3m in cash and $360m in debt.
Saracen shares last traded at $4.56.