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.