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Millennium Minerals To Get Back To Gold Mining At Nullagine After Improved Weather

Gold producer Millennium Minerals (ASX: MOY) is set to ramp-up production at its Nullagine project in the East Pilbara Region of Western Australia, following improved weather.

Nullagine comprises seven deposits on granted mining leases, with the 1.5 Mtpa CIL process plant commissioned at the end of 2012 - with the first gold poured in September 2012.

The key supply route Newman to Marble Bar road has now opened allowing supply of fuel and critical consumables (particularly fuel) to recommence over the next 24 hours. The alternative route Marble Bar to Port Hedland is yet to open.

Millennium had previously taken the strategic decision to conserve fuel with mining suspended from the open pits and the processing plant, which was being supplied ore from existing stockpiles.

The company took full advantage of this opportunity to bring forward a planned processing plant
maintenance shutdown.

The plant will restart after the maintenance is completed on today, and fuel and reagents reach the mine site, with mining activity and ore haulage expected to recommence within the next 48 hours.

Millennium's $31.76m full year profit

Millennium delivered an unaudited after tax profit of $31.8 million for the twelve month period ended 31 December 2013 (FY2013).

The unaudited after tax profit includes an unrealised derivative gain of $16.2 million related to the valuation of the company's hedge book on 31 December 2013.

The underlying profit before treasury, tax and finance for the twelve month period was $15.9 million.

The maiden profit is impressive considering it's just the first full year of commercial production.

Total gold sales for the year were 63,446 ounces.

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