Millennium Minerals Limited announced production results for the months July 2015 and first half of 2015. For the month, the company reported the project produced a record 8,833 oz at a C1 cash cost3 of $784/oz and an AISC of $1,029/oz, which include an $81/oz profit-share royalty.

For the first half of 2015, the company reported outperformance follows on from a strong first half year, during which the company produced 41,721 oz at an AISC of $1,265/oz, including all royalties.

For the period, the company revised gold production is now projected to increase by 11% to between 80,000 ounces and 83,000 ounces whilst guidance for the all-in sustaining costs (AISC)1 is reduced by approximately 6% to between $1,200/oz and $1,250/oz. Cost reductions achieved are a result of both improved mill throughput and a number of cost saving measures implemented since the start of the year as reported in the June 2015 quarterly activities report. These measures have so far delivered over $12 million in annualised cost savings. Based on this revised guidance, Millennium expects to reduce its senior debt by a further $5.1 million in the current quarter, thus reducing the principal outstanding to $6.1 million at 30 September 2015. This rate of debt servicing will keep the company on track to retire this senior debt within the first half of 2016.