https://www.miningweekly.com

Millennium posts record Sept quarter

29th October 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Gold miner Millennium Minerals has reported record quarterly production of 27 238 oz from its Nullagine operation, in Western Australia, for the quarter ended September 30.

Output was 26% higher than the ounces produced during the June quarter and raised gold production for the nine months to September to 68 959 oz.

Gold sales also reached record highs during the quarter under review, with 28 012 oz sold, up from the 21 538 oz sold in the previous quarter. The increase in sold ounces also resulted in revenue for the quarter increasing by 26% quarter-on-quarter to A$42.1-million, with revenue for the nine months ending September reaching A$105.8-million.

Further, all-in sustaining costs (AISC) decreased from A$1 254/oz to A$1 020/oz in the September quarter.

CEO Glenn Dovaston said this week that the record production and the reduction in AISC showed that the company’s turnaround strategy was continuing to deliver strong results.

“We are generating excellent results on both the mining and processing fronts. This is underpinning our production forecast and enabling us to maximise the cash flow and reduce our senior debt rapidly.”

Dovaston said that, on the back of the strong operational turnaround, Millennium had embarked on a A$20-million underwritten capital raising, which marked the start of the next chapter for the company.

“We will be in a strong financial position with relatively little debt and strong cash flow from existing production at Nullagine,” he added.

The Nullagine operation was expected to deliver between 88 000 oz and 93 000 oz for the full year, at an AISC of between A$1 190/oz and A$1 240/oz.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.163 0.203s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: