PERTH (miningweekly.com) – Gold miner Millennium Minerals has reached its production targets for the three months to June, with the company reporting output of 17 789 oz, which was within the guidance of between 16 000 oz and 18 000 oz.
For the six months to June, gold production was recorded at 36 551 oz, which compared with 33 530 oz produced in the previous corresponding period.
Millennium reported that C1 cash costs for the quarter were higher at A$1 303/oz, compared with the A$1 191/oz achieved in the previous quarter, reflecting additional mine material moved during the three months to June, as well as a one-off cost associated with increased haul road maintenance.
For the six months to June, C1 cash costs averaged A$1 120/oz.
Looking ahead, Millennium was expected to deliver some 76 000 oz during the full 2014, at a C1 cash cost of A$1 074/oz, with gold production in the September quarter also expected to be on par with the June quarter.
Meanwhile, gold sales during the quarter under review generated a revenue of A$27.7-million, with 3 748 oz sold at an average spot price of A$1 381/oz and 14 045 oz sold into the hedge at an average price of A$1 605/oz.
For the six months to June, Millennium sold 36 718 oz of gold to generate a revenue of A$55.3-million.