Saracen Mineral Holdings has finished the 2020 financial year with record production of 520,414 ounces of gold, beating its guidance of 500,000 ounces.
Saracen Mineral Holdings has contracted GR Engineering Services to complete additional works at the Thunderbox and Carosue Dam projects in Western Australia, worth a combined $29 million.
Saracen Mineral Holdings has capped off the March 2020 quarter with record quarterly gold production of 158,132 ounces at an all-in sustaining cost of $1133 per ounce.
Saracen Mineral Holdings has awarded SRG Global a drill and blast contract worth $70 million at the Thunderbox and Carosue Dam operations.
Saracen Mineral Holdings is on course to meet its 2020 financial year production guidance of more than 500,000 ounces of gold.
Saracen Mineral Holdings has “entered the next league of Australian gold miners” after a record December 2019 quarter, according to company managing director Raleigh Finlayson.
Saracen Gold Mines has contracted GR Engineering Services for the expansion of its Carosue Dam mineral processing plant.
Saracen Mineral Holdings has updated its growth strategy, announcing that its reserves have risen by 32 per cent to a record 3.3 million ounces.
Saracen Mineral Holdings has significantly increased its planned exploration and drilling expenditure as part of an ongoing push towards becoming a 400,000 ounce a year gold producer.
Saracen Mineral delivered a record March 2019 quarter across all fronts of costs, gold production and “impressive” exploration drilling results.
Saracen has posted a new gold production target on the back of sustained record production, ending the quarter strong with 88,940 ounces (oz) of gold.
Saracen experienced a 166 per cent surge in its net profit after tax, which climbed to $75.6 million during the financial year 2018. This is a record figure to Saracen, even after excluding the profit on its King of the Hills sale.
The mining services company has secured a contract for the engineering design, procurement and construction of a paste backfill plant at the Carosue Dam gold operations.
Saracen Mineral managing director Raleigh Finlayson is confident the company will reach its goal of becoming a 400,000oz a year gold producer following its recent progress.
Gold miner Saracen Mineral Holdings enjoyed a record production of 316,453oz in the 2018 financial year. The company exceeded its guidance of 310,000-315,000oz, lifted from its original guidance of 300,000oz.