Saracen Mineral Holdings (SAR) released December Q results with strong group production of 88.8koz at an all in sustaining cost (AISC) of A$1,067 (vs September Q : 88.9koz @ A$993/oz). Subsequent to a strong first half, SAR has increased FY19 guidance from 325-345koz to 345-365koz. SAR has also upscaled FY19 capital commitments with an additional $35m for mine development at Karari/Dervish and Thunderbox. At 31 December the Company had $142.6m in cash, bullion and liquid assets. Downgrade to SELL from HOLD with a revised $2.10 target price (from $1.85).
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