Saracen Mineral Holdings (SAR) generated record gold production of 520.4koz in FY20 and 145.8koz for the June Q (previously announced). All-in sustaining costs (AISC) for the June Q were A$1,152/oz (up 2% QoQ). FY20 unaudited NPAT is estimated between $190-200m with KCGM transaction and stamp duty costs still to be finalised. SAR’s balance sheet moved back to a net cash position with $369m cash and bullion and $321m debt. The Company has commenced a tentative restart of its Carosue Dam (CD) operation after a fatality last week. Argonaut moves to a HOLD recommendation (from BUY) with a revised target price of $5.45ps (previously $4.60ps).
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