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Millennium posts 33% increase in production

Millennium posts 33% increase in production

Photo by Bloomberg

14th April 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold producer Millennium Minerals has reported a 33% quarter-on-quarter increase in production during the three months to March, with the company pouring 18 762 oz of gold.

The record production was achieved on the back of a 19% increase in mill throughput to 426 473 t, compared with the 2013 quarterly average.

Millennium pointed out that the record throughput was achieved despite heavy rains impacting the operation during the quarter under review. Some 350 mm of rain was recorded during the quarter, much of it falling over a seven-day period in January.

Gold sales for the quarter increased to 18 925 oz, from 13 240 oz in the December quarter, generating a revenue of A$27.6-million, compared with A$20.7-million.

Looking ahead, Millennium expected full-year production to reach 76 000 oz, at a cash costs of A$975/oz and a sustaining cash costs of A$1 140/oz.

Gold production for the June quarter were expected to be between 16 000 oz and 18 000 oz.

Edited by Creamer Media Reporter

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