Millennium posts half-year loss but revenue, output rise
PERTH (miningweekly.com) – Gold miner Millennium Minerals has reported a A$12.49-million after-tax net loss for the six months to June, compared with a net profit of A$34.14-million in the previous corresponding period.
The miner told shareholders on Friday that the after-tax loss included an unrealised derivative loss of A$9.16-million related to the value of the hedge book at the end of June, as well as higher depreciation and amortisation charges of A$12.3-million and a tax benefit of A$3.28-million.
Revenue for the interim period under review increased slightly to A$55.4-million, from A$54-million reported in the previous corresponding period, on the back of a higher gold production.
During the half-year ended June, Millennium’s Nullagine project, in Western Australia, produced 36 551 oz of gold, of which 36 718 oz was sold at an average price of A$1 552/oz. This compares with the 33 530 oz of gold produced in the previous corresponding period, with 33 767 oz sold at an average realised price of A$1 598/oz.
Millennium noted that the high average price achieved during the interim period under review reflected the company’s hedge price of A$1 552/oz, and an average spot price of A$1 411/oz.
However, cash costs for the period reached A$1 120/oz, compared with the A$794/oz reported in the same period in 2013, and Millennium said on Friday that the company’s focus for the remainder of the year would be on operating cost reduction, limiting capital expenditure to critical activities only, and minimising exploration activities while reducing debt.
Comments
Research Reports
Projects
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
