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Millennium Minerals shines in turnaround, posts record gold sales

Millennium Minerals shines in turnaround, posts record gold sales

Millennium Minerals (ASX:MOY) has continued its turnaround, posting record gold sales and generating net cash flows of A$5 million for the June 2015 Quarter on record gold production of 21,664 ounces, 20% higher than guidance.

Importantly, it also made headway reducing debt.

Revenue for the quarter is also up 11% to A$33.5 million at an all-in sustaining cost (AISC) of A$1,254 per ounce.

This compares with AISC of A$1281 per ounce of gold in the March 2015 quarter, reflecting the company’s focus on costs while maintaining above-nameplate production performance.

The turnaround was due in part to record mill throughput which saw the plant running at a capacity equivalent to 1.9 million tonnes per annum (Mtpa) compared with its nameplate capacity of 1.5Mtpa.

Full-year 2015 production guidance remains unchanged at 72,000 to 75,000 ounces of gold at an AISC of between A$1,275 and A$1,325 per ounce.

Millennium has also started a full desktop review of potential high priority exploration (brownfield) targets in preparation for on-ground exploration activities.

As at 30th June 2015, the company held cash and bullion totalling A$3.3 million with 217.7 million shares on issue.

A total of $4 million was made in debt repayments on its Facility Agreement during the quarter, reducing its outstanding balance to A$11.2 million.

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