Millennium hits production targets in Sept Q
PERTH (miningweekly.com) – Gold miner Millennium Minerals has maintained its full-year production guidance for 2014 at 76 000 oz, after reporting a solid quarter for the three months to the end of September.
Gold production during the quarter under review increased slightly to 18 127 oz, compared with the 17 788 oz produced in the previous quarter, and was above the 18 000 oz guidance for the quarter.
Millennium said on Wednesday that continuous ore haulage was achieved from the higher-grade ABC and D Reef deposits at its Golden Gate mine, in Western Australia, allowing for a 5% increase in the amount of material treated during the quarter.
The average grade milled was 8% higher than the previous quarter, owing to the higher ratio of Golden Gate ore milled, as well as improved mining performance across operating pits.
The higher grades also resulted in C1 costs being lower during the quarter under review, at A$1 081/oz, compared with A$1 178/oz in the three months to June.
For the full year, Millennium had maintained its C1 cash cost guidance of A$1 074/oz, with the company saying that cost reduction opportunities were being aggressively implemented at the mine site, and were expected to flow through during the December quarter, and into 2015.
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