Photo by: Bloombeg
PERTH (miningweekly.com) – Gold miner Millennium Minerals has again upwardly revised its production expectations for the full year to between 88 000 oz and 93 000 oz, as the Nullagine project, in Western Australia, continues to deliver.
In August, Millennium told shareholders that gold production for the full year would reach between 80 000 oz and 83 000 oz, which was up from the original guidance of between 72 000 oz and 75 000 oz.
All-in sustaining costs (AISC) for the year were now expected to be between A$1 190/oz and A$1 240/oz, compared with the previously expected AISC of A$1 200/oz to A$1 250/oz.
Millennium told shareholders that the latest revised production guidance stemmed from a forecast increase in mined ore tonnage, as well as higher mill head grade and processing plant throughput rate at Nullagine.
The cost reductions were attributed to the improved mill throughput and a number of cost saving measures implemented at Nullagine since the start of the year. These measures have, so far, delivered yearly savings of more than A$12-million.
The miner noted that based on the revised guidance, Millennium expected to reduce its senior debt by a further A$2.4-million by the December quarter, resulting in senior debt of just A$3.7-million at year-end.