Saracen Mineral Holdings Limited Enhances Reserves by 20%

  • Aug 01, 2018 AEST
  • Team Kalkine
Saracen Mineral Holdings Limited Enhances Reserves by 20%

Expects further production growth as reserves grew by 20%: Saracen Mineral Holdings Limited’s (ASX: SAR) stock rose 5.17% on August 1, 2018 after the company expects to grow mine life and production from organic sources. There is a 20% growth in the company’s reserves to a record 2.5Moz as at 30 June 2018 from 2.1Moz at 30 June 2017 (despite depletion of 348,000oz). On the basis of the updated Reserve and Resource estimates, SAR had planned to grow production to a base case of 350,000oz a year, as part of its seven-year plan. SAR had produced 316,453oz last finance year, and for this financial year had increased the guidance for production, now expected to be in the range of 325,000-345,000oz. With this rise in reserves, SCR has become confident of achieving the objective of becoming a 400,000ozpa gold producer with long mine life.

Moreover, the company’s Discovery cost is just A$25 per Reserve oz (vs FY17 A$35 per Reserve oz). Additionally, SAR’s total Mineral Resources is of 8.6Moz as at 30 June 2018 (9.0Moz at 30 June 2017), which is a decline of just 5% despite depletion of 348,000oz and a reduction of 501,000oz from sale of King of the Hills and Red October. Meanwhile, SAR stock has fallen 4.58% in three months as on July 31, 2018.

12345Saracen Group Ore Reserves (Source: Company Reports)

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