Millennium downgrades full-year expectations
PERTH (miningweekly.com) – Western Australian gold miner Millennium Minerals has downgraded its production expectations for the 2019 calendar year, on the back of delays in mining approvals for the openpit operation and delays in the ramp-up of the Bartons underground mine and the commissioning of the sulphide plant.
Millennium on Friday revised its full-year production guidance from the previous estimate of between 80 000 oz and 90 000 oz, to between 70 000 oz and 75 000 oz.
During the September quarter, the Nullagine operation, in the Pilbara, is expected to produce about 18 000 oz, increasing to 20 000 oz in the December quarter.
Millennium in June undertook an optimisation study for the Nullagine project, which found the 20 000 oz a quarter to be the optimum quarterly production rate for the mining and processing operation, based on sustainable operating parameters.
The miner noted that while this targeted production rate was considered sustainable, Millennium would not make up the production shortfalls incurred in the previous quarter, prompting the miner to downgrade its full-year expectations.
The review also confirmed that cost savings at Nullagine could be achieved by moving away from the current owner-operator hybrid model at the openpit operation, to an owner-operator model for load and haul operations.
Millennium will now move to an owner-operator model in October, when the current openpit load and haul mining contract expires.
The Bartons underground operation will continue on a full contractor basis.
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