Aussie miner Saracen strikes $1.1b Super Pit deal on Kalgoorlie's Golden Mile

The deal with Canada's Barrick Gold finalised in Toronto over the weekend, two months after Saracen privately entered a "competitive" sale process, and was announced to the Australian Securities Exchange this morning.

Saracen estimates it will take more than three years to recover from devastating rock falls, but insists the acquisition will pay off in the long run.

"We see this as a multi-decade asset, as it's proven for the last three decades," Managing Director Raleigh Finlayson said.

Mr Finlayson said the Super Pit has existing reserves of 7.3 million ounces for an estimated mine life of 12 years, and believes there will be a return to underground mining in the future.

https://www.abc.net.au/news/2019-11-18/half-of-super-pit-gold-mine-sells-for-billion-dollars/11714244

Wow that is a big jump, Saracen have there sights set high now, but I guess ya gotta be in it to win it.

cheers dave

Shame its well out of our league fellas

Kon

I have 2 x 20 lt. buckets of concentrate from the Super pit . I did get it legit . Was going to be dumped after some test work .

Through good mine management I have watched Saracen shares rise from around $0.40c. in 2013 to $3.00 in 2019.

However, one has to wonder might Barrick Gold be chuckling up their sleeve over this $1.1B sale.
With an extended full scale mining delay caused by the rockfall (who is to say there won't be more?), a major share issue plus a $0.5B bank loan Saracen will be working very hard on its other operations to maintain its standing in the industry........

I am glad your 2 x 20l. buckets are "concentrate" Minermike, otherwise at a return of 1.3gm./tonne (3gm./cu.m.) you might only have ~0.12gm. of gold for your efforts
Mike