Saracen reports record gold production

Company News

by Kathy Skantzos

Saracen (ASX:SAR) has announced quarterly gold production of 80,274 ounces, a record for the mining company.

Group production outlook for FY2018 is maintained at 300,000 ounces.

Gold sales reached $126.3 million for the quarter.

Saracen Managing Director Raleigh Finlayson said record production, lower costs, a rising cash pile and a 40 per cent increase in reserves have given the company a boost at the start the new financial year.

The miner has operations at the Carosue Dam which is expected to extend beyond five years, with work operating at Karari and Deep South, as well as Thunderbox.

Shares in Saracen (ASX:SAR) are trading 1.51 per cent higher to $1.34.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.