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Millennium reports maiden profits

Millennium reports maiden profits

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22nd January 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Millennium Minerals has reported a maiden profit of A$31.8-million for the full year ended December, despite the challenging gold environment.

The miner reported on Wednesday that the after-tax profit included an unrealised derivative gain of A$16.2-million on the valuation of the company’s hedge book.

“Despite a very challenging year, delivering a maiden profit result for the first full year of commercial production represents a significant milestone for Millennium, particularly during a time when the gold industry is experiencing very difficult operating conditions,” said Millennium MD Brian Rear.

The Nullagine operations, in Western Australia, were also impacted by Cyclone Rusty earlier in the year, along with unexpected permitting delays that postponed the treatment of higher grade material from the Golden Gate deposit, and lower-than-expected ore grade from the Golden Eagle fresh orezone.

For the full year, Millennium reported a profit of more than A$100.2-million from the sale of 63 446 oz.

Edited by Creamer Media Reporter

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