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Millennium to meet FY targets, despite wet weather

21st April 2017

Creamer Media Senior Deputy Editor: Australasia

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PERTH (miningweekly.com) – Gold miner Millennium Minerals is on track to meet its full-year production guidance despite falling 3 500 oz short of its production target in the March quarter.

The ASX-listed company on Friday said that gold production during the three months to March declined to 16 543 oz, after 23 days of mining and haulage were lost owing to significant rain events.

The March quarter production compared with the 20 381 oz delivered in the previous quarter.

All-in sustaining costs (AISC) for the period also increased to A$1 362/oz, compared with AISC of A$1 219/oz achieved in the December quarter.

CEO Peter Cash noted that the rain, which significantly impacted mining projects throughout Western Australia during the March quarter, had curtailed day-to-day operations at the Nullagine project, but noted that the company’s ability to overcome much of this impact was testimony to the high levels of production and flexibility now underpinning the Nullagine operation.

“To lose 23 days, or 27% of production capacity, due to rain and then finish the quarter within 3 500 oz, or 17.5% off budget and remain on track to achieve annual guidance speaks volumes about the strength of the Nullagine project,” Cash said.

Millennium sold 16 909 oz of gold during the quarter, generating a revenue of A$28.1-million.

Despite the weather disruptions during the quarter, Millennium has maintained its full-year production guidance of between 80 000 oz and 85 000 oz, while AISC were estimated at between A$1 190/oz and A$1 220/oz.

Edited by Creamer Media Reporter

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