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Saracen strikes upper end of FY'16 gold production guidance

SaracenMineral Holdings Ltd.'s gold production in its fiscal 2016 reacheda record total of 188,656 ounces, near the upper end of its guidance for the year ended June30.

According to a July 7 news release, the project produced157,191 ounces, while the Thunderbox project — where commercial production startedApril 1 — produced 31,465 ounces.

Gold production in the June quarter was also at a recordlevel of 63,192 ounces, with 41,037 ounces produced at Carosue Dam and 22,155ounces at Thunderbox.

The ongoing ramp-up at Thunderbox is expected to doublegroup gold production to about 300,000 ounces per annum at a forecast all-insustaining cost of less than A$1,075 per ounce.

The debt-free company had cash and bullion worth A$40.3million as of June 30.