Saracen Mineral Holdings Limited (ASX:SAR) presented its growth target of ‘Flight to 400’ at Diggers and Dealers mining forum in Kalgoorlie for the next 10 years.
Ore reserves of the gold miner, Saracen Mineral Holdings Limited have increased by 20% in fiscal 2018 to 2.5Moz as compared from 2.1Moz in Fiscal year 2017. As at June 30, 2018 the company reported mineral resources of 8.6 Moz .
To achieve the target of Flight 2 400koz per annum, SAR ramped up its exploration budget to $60 million in FY19, significantly up from FY 2018 and FY 2017.
SAR partners with long term ally to bring a sustainability difference under the project named Shooting star. While Saracen has provided $150,000 startup funds, it is also associated with Netball for the education of indigenous girls and Leonora District High School to scale up the attendance rates. The company’s balance sheet for fiscal 2018 underlines $118 million of cash and cash equivalents, while the debt remains zero. There has been an upward trend in the liquid asset of the company over the last one year. It is mainly because the cash in hand has gone up by $66m to $99.8m in June 2018 from $33.8m in June 2017.
The group reported increase in guidance for FY2019 from 300,000 oz to 325,000 oz - 345,000 oz.
SAR traded at $1.927 on August 06, 2018.
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