PERTH (miningweekly.com) – Gold producer Millennium Minerals has reported an increase in production during the three months to March, as its Nullagine project, in Western Australia, continued to perform.
Fine gold production during the quarter reached 23 166 oz, compared with the 22 503 oz delivered in the December quarter, with the Nullagine processing plant continuing to perform well above design capacity, and reaching record throughput of 507 206 t during the quarter under review.
All-in sustaining costs (AISC) for the quarter increased slightly, from the A$1 191/oz reported in the previous quarter, to A$1 195/oz, while sales revenue increased from A$33.5-million to A$34.4-million.
CEO Glenn Dovaston said on Tuesday that the company’s strategy was delivering strong production and financial results, along with outstanding exploration results.
“We have cleared all our debt and our cash balance continues to grow on the back of the strong production and free cash flow we are now generating. At the same time, we are exceeding our objectives in respect to growing the mine life.”
Millennium delivered a 27% increase in the ore reserve estimates at the Nullagine project during the quarter under review, increasing it from 125 400 oz to 159 000 oz.
“We are now fully focused on doing more of the same, that is growing our cash balance, maintaining our production performance, and further increasing our mine life.”
For the full 2016, Millennium was expected to deliver between 80 000 oz and 85 000 oz of gold, at an AISC of between A$1 180/oz and A$1 220/oz.