PRECIOUS METALS

Saracen again delivers

Production on song, Thunderbox the standout

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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. 

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