Saracen profit up, to pay first dividends

Mid-tier goldminer Saracen Minerals has reported record full-year profit of $92.5 million, up 22 per cent from the previous financial year.

Saracen said it mined 355,077 ounces of gold from its Carosue Dam and Thunderbox operations in Western Australia, at an all-in sustaining cost of $1,030 an ounce.

Saracen managing director Raleigh Finlayson said the company would pay dividends for the first time this fiscal year as long as it held its cash balance above $150 million. It had $154.5 million in cash and equivalents as of June 30.

AAP

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