Debt-free Millennium looks to grow coffers

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 12 Apr 2016   Posted by admin


Millennium Minerals produced 23,166oz of gold from Nullagine for the March quarter and paid down the last of its debt.

 

By Reuben Adams

MILLENIUM Minerals is now debt free and looking to build “strong” cash reserves on the back of its 80,000 ounces per annum Nullagine gold project in WA.

Millennium produced 23,166oz of gold and recorded $7.1 million free cash flow in the March quarter, putting it on track to reach its production guidance of between 80,000oz and 85,000oz of gold for the year. All-in sustaining costs of $1195/oz were at the lower end of full-year guidance of between $1180/oz and $1220/oz of gold.

Millennium chief executive Glenn Dovaston said the solid March results confirmed the company’s strong position.

“They demonstrate the cash reserves we stand to accumulate on the back of this production and the fact that we no longer have to make debt repayments,” he said. “At the same time, we are recording outstanding results with our exploration program, leaving us increasingly confident that we will achieve our objective of growing the inventory and mine life at the project.”

Millennium stated that its ongoing “aggressive” exploration campaign was delivering outstanding results as part of its growth strategy.