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millennium minerals ltd (UWF) Snapshot

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11/1/13 - €0.20
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millennium minerals ltd (UWF) Details

Millennium Minerals Limited is engaged in the exploration and development of gold properties in Australia. It primarily holds interest in the Nullagine Gold Project located in the East Pilbara region of Western Australia. The company is based in West Perth, Australia.

millennium minerals ltd (UWF) Top Compensated Officers

Chief Executive Officer, Managing Director an...
Total Annual Compensation: A$509.2K
Chief Financial Officer
Total Annual Compensation: A$288.8K
General Manager of Operations and Member of A...
Total Annual Compensation: A$362.6K
Compensation as of Fiscal Year 2013.

millennium minerals ltd (UWF) Key Developments

Millennium Minerals Limited Reports Unaudited Operational and Financial Results for the Six Months Ended June 30, 2014

Millennium Minerals Limited reported unaudited operational and financial results for the six months ended June 30, 2014. For the period, the company generated net operating cash flow of AUD 7.49 million for the period. Mine level EBITDA was AUD 11.26 million over the six months. After tax loss was AUD 12.49 million. The operation achieved its production target producing 36,551 fine ounces of gold. Gold sales revenue of AUD 55.31 million was received which was generated from 36,718 ounces sold at an average price of AUD 1,506 per ounce, reflecting the benefits of the company's hedged price of AUD 1,552 per ounce and an average spot price received of AUD 1,411 per ounce. Cash operating margins at the mine level amounted to AUD 386 per ounce. For the period 827,012 tonnes of ore was processed through the 1.5Mtpa CIL gold processing plant demonstrating that it could operate above the design throughput for extended and sustained periods of time. Operating costs were higher than budget due to higher mining volumes, diesel usage and unit price and haulage costs related to higher volumes of ore mined at Golden Gate mining area. A strong focus on cost reduction remains a key driver for site management.

Brian Rear to Step Down as Managing Director and Chief Executive Officer of Millennium Minerals Limited

Millennium Minerals Limited. announced that Managing Director and Chief Executive Officer, Brian Rear wishes to step down from his executive role following a successful 6 year period leading the company. Mr. Rear has indicated his decision to step down at this juncture is to allow him to take on another, as yet unidentified full time role, in developing a new resources project. The Board has invited Mr. Rear to remain on the Board as a Non-Executive Director to ensure the company continues to have the benefit of his significant experience and operational skills and to ensure a seamless transition of the senior leadership of the Company. Mr. Rear will remain in the CEO and Managing Director role until a leadership transition can take place.

Millennium Minerals Limited Announces Management Changes

Millennium Minerals Limited announced the retirement of Peter Rowe as Chairman of the Board. Mr. Rowe, who is due to retire as a Director of the company by rotation at the 2014 annual general meeting scheduled for April 28, 2014 (AGM), will no longer stand for reelection at the meeting and accordingly will cease to be a Director of the company from the conclusion of the AGM. The Board announced the appointment of Richard Procter, an independent Non Executive Director of the company since 2010, as the new Chairman of the Board, effective immediately. Mr. Procter is a mining engineer with over 35 years broad international experience both at senior management and executive level encompassing exploration, project development, operations, contracting, consulting (mergers & acquisitions and corporate development) and funds management.


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