Pilbara-focused gold miner Millennium Minerals has reported good news in a gloomy industry with a maiden profit of just over $34 million for the first half of calendar 2013.
However, it’s frozen salaries and wages across all departments in a bid to keep operating costs at a minimum.
The company said the pay freeze would accrue short-term one-off benefits as the primary objective remained on maintaining and improving operating margins.
During the six months to the end of June Millennium realised the benefits of coming into commercial production with its Nullagine gold project in January.
It produced 33,530 ounces of gold over the six months for sales amounting to $54 million.
Underlying profit and tax was $12.9 million with the overall profit including a $21.2 million gain from the company’s hedge book.
Operating costs declined over the six months, with cash costs falling from $826 per ounce to $761/oz from the first to the second quarter.
The 'sustaining' cash cost for the six months was $955/oz.
