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Millennium reaches production targets in 2015

18th January 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior gold miner Millennium Minerals has finished 2015 at the upper end of its revised production guidance.

On Monday the company reported gold production of 22 503 oz at the Nullagine mine, in Western Australia, compared with the record 27 238 oz delivered in the September quarter.

The December quarter production brought full-year gold production to 91 462 oz, which was at the upper-end of the guidance of between 88 000 oz and 93 000 oz.

The ASX-listed miner increased production guidance and reduced its cost guidance for 2015 in October last year, after it improved mined ore tonnages, milled head grades and processing plant throughput.

For the quarter ended December, all-in sustaining costs reached A$1 191/oz.

CEO Glenn Dovaston said that the outstanding December quarter results reinforced the company’s turnaround strategy, which had delivered increased production at reduced costs, providing strong free cash flows.

“This robust cash flow generation places us well on track to be completely debt-free by the end of March 2016. And with the exploration campaign returning highly promising results, I am confident that Millennium will continue to go from strength to strength," said Dovaston.

Edited by Creamer Media Reporter

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