PERTH (miningweekly.com) – ASX-listed Millennium Minerals' gold production outstripped guidance by some 20% for the three months to June 30.
The company noted that its Nullagine gold mine, in Western Australia, produced a record 21 664 oz of gold during the quarter, up from the 20 057 oz delivered in the March quarter, while all-in sustaining costs (AISC) dropped from A$1 281/oz to A$1 254/oz.
The results were driven, in part, by record mill throughput, which saw the Nullagine plant run at a 1.9-million-tonne-a-year capacity, which was above its 1.5-million-tonne-a-year nameplate capacity.
CEO Glenn Dovaston said the June quarterly results were in line with the company’s turnaround strategy.
“Our operational performance has met or exceeded all our targets, enabling us to maximise cash flow and continue reducing our debt. We are confident that we can sustain this performance, enabling us to further reduce debt and unlock the potentially immense value from our Nullagine project.”
The higher output also resulted in an 11% increase in revenue to A$33.5-million, while cash flow for the six months to June 30 was reported at A$13.4-million, before financing activities.
For the full-year, Millennium has maintained its production guidance of 72 000 oz to 75 000 oz, while AISC were expected to be between A$1 275/oz and A$1 325/oz.