JOHANNESBURG (miningweekly.com) – Western Australian gold miner Saracen Mineral Holdings produced 188 656 oz of gold in the financial year ended June 30, 2016, which the company reported on Thursday was at the upper end of its outlook range.
The gold miner revised its guidance for the financial year upwards to between 175 000 oz and 195 000 oz in April this year, when it declared commercial production at the Thunderbox gold project, near Leonora.
The ongoing ramp-up of the Thunderbox mine, in which Saracen had invested A$63-million, would double the group’s gold production to about 300 000 oz/y at a forecast all-in sustaining cost of about A$1 075/oz.
“We have now met or exceeded guidance for four straight financial years,” commented MD Raleigh Finlayson.
The record production of 188 656 oz comprised 157 191 oz from the Carosue Dam mine, near Kalgoorlie, and 31 465 oz from Thunderbox. In the June quarter, Carosue Dam produced 41 037 oz and Thunderbox produced 22 155 oz.
The company sold 67 693 oz of gold at an average price of A$1 649/oz for total revenue of A$112-million in the three months ended June.
Edited by: Creamer Media Reporter
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