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Millennium Minerals targets gold production of up to 80,000 ounces at Nullagine in 2018

Production costs of about US$1,300 per ounce are expected at the Nullagine operations in 2018.

Picture of gold nugget being held by miner
The Nullagine project is expected to be producing at a run rate of 100,000 ounces per annum in 2019

Millennium Minerals Ltd’s (ASX:MOY) expects to achieve gold production in a range between 75,000 ounces and 80,000 ounces in 2018.

Further to this, the group anticipates that its Nullagine Gold Project in Western Australia will be producing at a run rate of 100,000 ounces per annum in 2019.

Mining resumes at Golden Eagle

The production update incorporates a resumption of mining at the flagship Golden Eagle Mining Centre, the largest and most important gold deposit at Nullagine.

This is consistent with the company’s strategic focus on transitioning to mining larger and more sustainable ore sources.

Chief executive officer Peter Cash said: “Returning to mining operations at Golden Eagle is a significant milestone for the company.

“This is our flagship, 320,000-ounce deposit at Nullagine, and provides us with an opportunity to establish a large, consistent and reliable ore source that will help drive our growth over the next few years.”

Lower costs support robust margins

Management expects that this will provide it with the potential to reduce its cost base and unlock operational efficiencies.

Production costs of about US$1,300 per ounce are expected in 2018.

This leaves a reasonable margin given that the Australian dollar spot price is $1,700 per ounce.

Quick facts: Millennium Minerals Ltd.

Price: 0.051 AUD

Market: ASX
Market Cap: $45.46 m

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