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Millennium secures A$17.5M facility to fund Nullagine gold project expansion

Millennium Minerals Ltd. on June 5 announced it secured a A$17.5 million revolving loan facility and a risk management facility for gold hedging of up to 40,000 ounces from Investec Australia Ltd.

The company's hedging program will cover at least 25,000 ounces over a rolling 12-month period from the date of the first drawdown under the facility.

The credit-approved finance facilities will fund the expansion of Millennium's flagship, wholly owned Nullagine gold project in Western Australia as the company looks to increase production to more than 100,000 ounces per annum with a mine life of over five years.

The company will acquire plant and equipment for expanding the existing 2 million-tonne-per-annum carbon-in-leach processing plant for treating sulfide resources.

Millennium said initial orders for key long-lead items are already in place, and the start of commissioning is targeted for the first quarter of 2019.