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Saracen brushes virus aside with record production

Saracen Mineral Holdings has finished off the 2020 financial year with record output of 520,414 ounces of gold, beating its guidance of 500,000 ounces.

The company sold 148,011 ounces of gold at an average sale price of $2280 ounces, reaping a total of $337.5 million and marking the seventh consecutive year the company has met or exceeded its financial guidance.

Saracen’s 50 per cent stake in the Super Pit also contributed 53,398 ounces of gold into the group production, while achieving 50,315 ounces and 42,117 ounces at the Carosue Dam and Thunderbox projects in Western Australia, respectively.

In light of COVID-19, Saracen had planned to prioritise milling higher grade portions of stockpiles at both Carosue Dam and Thunderbox during the June quarter.

But the pandemic had “limited impact” on Saracen so the plan was not implemented, with the company continuing to execute its strategy of future proofing the business.

Saracen managing director Raleigh Finlayson said the results reflect the company’s ongoing commitment and success to meeting and exceeding its guidance and generating growth for the business.

“We have now met or exceeded guidance for seven straight financial years,” Finlayson said.

“We are also meeting our undertakings to continue driving growth and we expect this to be clearly evident in our strong news flow over the coming months.”

This will include an update on Kalgoorlie Consolidated Gold Mines, drill results and updates on the Carosue Dam and Thunderbox mines.


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