PERTH (miningweekly.com) – The share price of gold miner Millennium Minerals tipped higher on Friday after the company announced its final loan repayment.
CEO Glenn Dovaston told shareholders that a final repayment of A$2.5-million had been made one month ahead of schedule, meaning the company could now operate debt free.
Since the start of 2015, Millennium has repaid some A$37.1-million in debt.
“This significant debt elimination highlights the extent to which we will now free-up our cash flow in the absence of such repayments,” Dovaston said.
“Our strong production and robust margins mean we can take advantage of the strong Australian dollar gold price while knowing we no longer have balance sheet debt.”
Millennium was expected to produce between 80 000 oz and 85 000 oz of gold in 2016 from its Nullagine operations, in Western Australia.
The company's shares rose 9% to A$0.12 apiece.
Edited by: Creamer Media Reporter
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