Saracen boosts guidance after best-ever quarter

SARACEN Mineral Holdings managing director Raleigh Finlayson has declared the March quarter as the best in the company’s eight-year operational history.

Saracen boosts guidance after best-ever quarter Saracen boosts guidance after best-ever quarter Saracen boosts guidance after best-ever quarter Saracen boosts guidance after best-ever quarter Saracen boosts guidance after best-ever quarter

Raleigh Finlayson. Image: Tony McDonough

The company's Carosue Dam and Thunderbox mines posted record quarterly mine production of 98,886 ounces of gold, and mill production of 79,727oz - both above the targeted 300,000oz per annum run-rate.

"Most importantly, and what makes this quarter so special, is we've grown our stockpiles by 20,000oz or 34%," Finlayson said on a teleconference.

Group all-in sustaining costs for the quarter were A$1181 per ounce.

The strong quarter led Saracen to upgrade its full-year guidance to 310,000-315,000oz at AISC of $1100-1150/oz from 300,000oz at $1150/oz.

The company delivered 59,300oz into hedging at $1550/oz and added 82,700oz at $1771/oz, lifting its average price to $1696/oz.

Overall gold sales for the quarter were 81,351oz at an average price of ...