Saracen again delivers

ANOTHER quarter, another 89,000 or so ounces produced by Saracen Mineral Holdings, with the Western Australian gold miner also pointing to additional cash flowing into its bank account despite earlier “sideways” guidance during a strong capex period.
Saracen again delivers Saracen again delivers Saracen again delivers Saracen again delivers Saracen again delivers

Saracen's "flight to 400" getting ready for takeoff

Saracen's 89,208oz came at all-in sustaining costs of A$1035/oz, with the Thunderbox operation the star performer with a record 40,170oz at AISC of $972/oz.

The circa $10 million addition to the now $153.3 million pile of cash and bullion was attributed to the strong gold price and strong cost performance t Saracen's two operations.

It also came after the company spent $58.3 million on growth projects and exploration.

Saracen has previously guided to production of 345,000-365,000oz in the current financial year, and will provide forecasts for 2020 in the September quarter.

At the same time it will update the market on its seven-year outlook with regards the "flight to 400" strategy.

On a down-day for the ASX gold patch, shares in Saracen were down 2% to $2.56, capitalising the company at $2.1 billion.

The stock is down from levels around $3 at the start of 2019, with the decline broadly in line with peers ex-St Barbara - which was sold down last month on mine specific concerns.