Road issues still affecting Nullagine production - Millennium
JOHANNESBURG (miningweekly.com) – Gold miner Millennium Minerals has warned shareholders that production for the December quarter would be lower than expected, following road access delays to allow for the processing of ore from the Golden Gate deposit.
In November, Millennium downgraded its production expectations for the full year, from 73 000 oz to between 68 000 oz and 70 000 oz.
However, as it continued to obtain appropriate road use permitting, the miner has now downgraded the year-end production to around 64 000 oz.
Millennium said that although the delay would not impact on the tonnage of higher-grade ore expected from Golden Gate, processing of the ore would be further extended into January.
The company would now run two ore treatment campaigns, the first of which was set to start on December 17, while the other would start in mid-January.
Operating expenditure remains unchanged, but as a result of the expected lower production in the 2013 financial year, the total sustaining costs would average around A$1 075/oz, Millennium said.
The company noted that it was currently in discussions with its financiers to agree a debt repayment schedule that would align with the amended timing of its Golden Gate treatment campaigns, given that the current repayment schedule was matched with the previous start-up, which had initially been earmarked for the December quarter this year.
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