http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Wed, 20 Jun 2018 17:55:51 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Medusa Mining still on track to hit production guidance of between 85,000 and 95,000 ounces of gold this year ]]> http://www.proactiveinvestors.co.uk/companies/news/196052/medusa-mining-still-on-track-to-hit-production-guidance-of-between-85000-and-95000-ounces-of-gold-this-year-196052.html Medusa Mining Ltd (ASX:MML) produced 22,918 ounces of gold from its Co-O mine in the Philippines during the quarter to March 2018. That was down slightly on the previous quarter as planned maintenance work prevented access to shafts.

Medusa continues to guide for full year production of between 85,000 and 95,000 ounces.

That guidance was revised upwards in December, and the company continues to predict that it will hit the upper end of that guidance.

All in sustaining costs rang in at US$1,073 per ounce, allowing for decent margin against the prevailing gold price of around US$1,310.

Ongoing drilling work has continued to push out known areas of mineralisation.

Total cash and cash equivalent of gold on metal account at the end of the quarter was approximately US$18.1mln, up from the Dec 2017 figure of US$16.7mln.

]]>
Mon, 30 Apr 2018 12:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/196052/medusa-mining-still-on-track-to-hit-production-guidance-of-between-85000-and-95000-ounces-of-gold-this-year-196052.html
<![CDATA[News - Medusa Mining has number two primary gold mine in Philippines and 10-year track record of production ]]> http://www.proactiveinvestors.co.uk/companies/news/193890/medusa-mining-has-number-two-primary-gold-mine-in-philippines-and-10-year-track-record-of-production-193890.html Medusa Mining Limited (ASX:MML) is an Australian-based gold producer, focused solely in the Philippines.

During the six months to December 2017, the Co-O narrow-vein, underground mine produced 49,952 ounces of gold, an improvement of 30% when compared to the six months to December 2016.

Track record of production and profits from the Co-O underground mine

All in sustaining costs during the period rang in at US$999 per ounce of gold produced, allowing for a very tidy margin when compared to the prevailing US$1,300-plus gold price during the period.

In early December 2017, Medusa upgraded its production guidance for the full year to between 85,000 and 95,000 ounces of gold at all-in sustaining costs of between US$1,000 and US$1,150 per ounce.

READ: Medusa Mining ends Cambodian interest

This guidance follows an extensive programme of infrastructure improvements that were implemented through 2017.

In particular, the E15 Service Shaft expansion project was significantly advanced, while earlier improvements to mine ventilation and de-watering procedures also contributed to the improved production.

Specialist vein miners, with more than a decade of on-mine experience

Narrow-vein mining is notoriously difficult to make a success of, but Medusa has built up a track record of more than 10 years at Co-O, and knows exactly what it is dealing with.

The Co-O narrow quartz veins can be thought of as sheets 1-2 metres thick suspended in the host rock. The sheets or veins are essentially filling spaces which form when the volcanic host rocks crack or are faulted.

These spaces are not regular, so the vein which fills the crack will take the shape of the crack and change in width and attitude according to the shape of the original crack. Some cracks are long and continuous, others are shorter and less continuous. Veins can have complex shapes, with branches or splits, and many other variations.

The volcanic wall rocks are green, hence the veins are visually distinctive underground and are easily followed by the miners. The veins can develop at any depth so the tops of different veins can be at different depths. The bottoms can be at different depths as well.

Resources and reserves in good shape, for a mine of Co-O’s type

As a generalisation, many narrow vein mines do not have long life reserves, but in general have significant resource bases with potential to increase.

Narrow veins are challenging to evaluate because of their geologically variable nature. They are generally less than 3 metres wide, discordant, of variable dip, variable width and commonly displaced by faults.

Having said that, as at August 2017, Co-O boasted resources of 859,000 ounces and reserves of 345,000 ounces. Medusa’s policy is to replace the reserve ounces it mines each year with underground drilling and development.

Well-established in the Philippines

The Philippines has been a complex jurisdiction for some companies to operate in but Medusa has managed to keep going for 10 years.

This staying power has confirmed Co-O as the second largest primary gold mine in the Philippines, but as ever, it’s what’s behind the scenes that really counts. Medusa has created multiple opportunities in education for locals, funded a 16-bed hospital, built community buildings and undertaken reforestation.

]]>
Fri, 30 Mar 2018 09:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/193890/medusa-mining-has-number-two-primary-gold-mine-in-philippines-and-10-year-track-record-of-production-193890.html
<![CDATA[News - Medusa Mining's production rises as grades tick up ]]> http://www.proactiveinvestors.co.uk/companies/news/190922/medusa-mining-s-production-rises-as-grades-tick-up-190922.html Medusa Mining Limited’s (ASX:MML) production edged up in its second quarter after grades and throughput improved slightly.

The Philippines–based gold miner produced 25,056 oz (24,986oz) of gold in the three months to December, at an average head grade of 6.67 g/t gold, from 124,914 tonnes of ore processed.

READ: Medusa seizes Cambodian gold, copper and oil exploration opportunity

Tonnage mined was lower than the previous quarter, but the grade and amount processed ticked up slightly.  

Maintenance work at the Co-O mine pushed all-In-sustaining-costs up to US$1,025 per oz, but cash costs fell.

First half production totalled just under 50,000oz and for the full year, Medusa has forecast between 85,000-90,000oz.

During the quarter, the company also signed a MoU over an exploration licence in Cambodia.

]]>
Wed, 31 Jan 2018 13:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/190922/medusa-mining-s-production-rises-as-grades-tick-up-190922.html
<![CDATA[News - Medusa seizes Cambodian gold, copper and oil exploration opportunity ]]> http://www.proactiveinvestors.co.uk/companies/news/189797/medusa-seizes-cambodian-gold-copper-and-oil-exploration-opportunity-189797.html Medusa Mining Limited (ASX:MML) has entered into a Memorandum of Understanding to explore for minerals Cambodia. The principal targets of the exploration will be gold and copper, although the licence is exclusive and will also cover oil and gas and precious stones.

Medusa’s partners in the project will be SEA Resources Pty Ltd and Sovann Resources, a related Cambodian entity of SEA, and the shareholders of Sovann. 

READ: Medusa Mining ups production guidance as grades improve

SEA has been selected by the government of Cambodia as a qualified and priority company to apply for the grant of a metallic mineral exploration licence in the Prek Kampi region of Cambodia, and is in the final stages of securing the grant.

Under the terms of the MOU, Medusa and SEA have agreed to negotiate an earn-in whereby Medusa can acquire up to a 70% interest in the exploration licence.

The MOU is a non-binding framework to guide the parties in the finalisation of the key terms. Medusa and SEA have until 1 March 2018 to finalise the earn-in agreement.

READ: Medusa boosts gold production at Co-O, cuts all-in costs

As it stands, the thinking is that in return for up to 70% of the shares of the SEA entity that is granted the Prek Kampi exploration licence, Medusa will contribute up to a total of US$3 mln of exploration expenditure over a period of 4 years

“This is Medusa’s opportunity to expand its presence in South East Asia and fully align to the company’s longer-term strategic diversification plan, ” said Medusa chief executive Boyd Timler.

“Medusa continues to be a successful gold explorer and producer in the Philippines. This is exciting times for both Medusa and SEA Resources.”

]]>
Wed, 10 Jan 2018 10:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189797/medusa-seizes-cambodian-gold-copper-and-oil-exploration-opportunity-189797.html
<![CDATA[News - Medusa Mining ups production guidance as grades improve ]]> http://www.proactiveinvestors.co.uk/companies/news/188343/medusa-mining-ups-production-guidance-as-grades-improve-188343.html Philippines-based gold miner Medusa Mining Limited (ASX:MML) has raised its production forecast for the current year though financial guidance is unchanged as a new shaft is taking longer than expected.

Output from the Co-o mine in 2017 is now forecast at between 85,000-95,000 ounces against the 80,000 to 90,000oz previously forecast.

READ: Medusa boosts gold production at Co-O, cuts all-in costs

Cost estimates have also been trimmed to an All-In-Sustaining US$1,000 to US$1,150 per ounce compared to US$1,050 to US$1,200oz.

Medusa said mill feed grades have improved since June as main veins on the lower levels (levels 8-9-10) have been developed ahead of plan. 

READ: Medusa Mining Limited still sees plenty of potential at Co-O

Even so, second-half result estimates are unchanged as they are linked to the completion date of the E15 Service Shaft, which now expected to be in April 2018.  

]]>
Wed, 06 Dec 2017 08:55:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188343/medusa-mining-ups-production-guidance-as-grades-improve-188343.html
<![CDATA[News - Medusa boosts gold production at Co-O, cuts all-in costs ]]> http://www.proactiveinvestors.co.uk/companies/news/186027/medusa-boosts-gold-production-at-co-o-cuts-all-in-costs-186027.html Medusa Mining Limited (LON:MML)(ASX:MML) produced 24,896 ounces of gold from its Co-O mine in the Philippines in the three months to end September 2017.

The production came at an average head grade of 6.59 grams per tonne. That was a marked improvement on the 23,846 ounces at average grade of 6.38 grams.

Cash costs came in at US$565 per ounce, moderately up on the US$539 per ounce delivered in the June quarter.

However, all-in-sustaining-costs rang in at US$973 per ounce for the September quarter, a significant improvement on the US$1,180 per ounce figure reported in June.

Recoveries were marginally improved at 94.6%.

Overall, Medusa still expects to produce between 80,000 and 90,000 ounces at all-in-sustaining costs of between US$1,050 and US$1,200 per ounce during the financial year 2017-2018.   

]]>
Mon, 23 Oct 2017 12:44:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/186027/medusa-boosts-gold-production-at-co-o-cuts-all-in-costs-186027.html
<![CDATA[News - Medusa Mining Limited still sees plenty of potential at Co-O ]]> http://www.proactiveinvestors.co.uk/companies/news/183391/medusa-mining-limited-still-sees-plenty-of-potential-at-co-o-183391.html The Philippines may not be the most welcoming place for miners at present but Aussie-listed gold junior Medusa Mining Limited (ASX:MML) is still expecting to produce a sizeable chunk of gold this year nonetheless.

Medusa so far has not been subject to any formal intervention as a result of a crackdown on miners being orchestrated by the Philippines Department of Environmental and Natural Resources.

Calls recently have included a threat from President Duterte to close the sector down unless it improves its environmental record. 

The Co-O mine is also located on the island of Mindanao, where martial law was declared on 25 May and is still in force, though so far the company has also reported no disruptions to its operations here either.

Production steady but set to pick up

In August, the Aussie-listed group said production to June 2018 should be between 80,000-90,000 ounces of gold.

That will require the completion of the (E15) service shaft at Co-O by the March quarter of 2018, which will free up the L8 production shaft, but improvements in performance should start to come through almost immediately from that point.

All-in-sustaining –costs in the coming year are expected to be between US$1,050 to US$1,200 per ounce, compared to US$1,374oz in the year just ended.

Medusa has endured a difficult twelve months due to problems with its mine development plans at Co-O. Production over the year to June dropped to 80,700oz from 108,600oz. Revenues dropped to US$100.1mln from US$128.1mln, though the gold price per oz Medusa received rose to US$1,256 per ounce.

Hefty write-offs (US$70.8mln impairments, US$7.1mln exploration) meant an underlying loss of US$35.2mln with a net deficit of US$62.1mln.

Average cash costs rose to US$595 per ounce, with the lower production blamed for the cost increase, but with gold prices rising to a-yearly high and an end in sight to the development work, things may be picking up.

Co-O deposit still open

Medusa is still exploring heavily at the mine as reserves and resources at Co-O have traditionally looked on the low side, though the mine has been producing at a steady rate for some years and management expects ongoing exploration to continue to find new areas to mine.

In August, a revised estimate pointed to 860,000 gold ounces at 12.29 g/t compared to 960,000oz, though drilling last year indicated a number of veins are still open at depth and to the east.

A further 435,000oz sits in the nearby Bananghilig deposit.

 

 

]]>
Mon, 04 Sep 2017 13:48:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183391/medusa-mining-limited-still-sees-plenty-of-potential-at-co-o-183391.html
<![CDATA[News - Medusa Mining reports fatality at Co-O mine ]]> http://www.proactiveinvestors.co.uk/companies/news/175355/medusa-mining-reports-fatality-at-co-o-mine-175355.html Medusa Mining Limited (LON:MML) has reported a fatality at its Co-O underground gold mine in the Philippines.

The incident occurred at the start of the day shift on March 22.

The company is providing support to the family of the deceased.

Medusa has informed the Mines and Geosciences Bureau of the fatality. Work has been suspended in the area where the accident took place to enable an investigation to take place. The rest of the mine remains open.

]]>
Fri, 24 Mar 2017 09:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/175355/medusa-mining-reports-fatality-at-co-o-mine-175355.html
<![CDATA[News - Medusa Mining hails progress on its "five pillars of development" ]]> http://www.proactiveinvestors.co.uk/companies/news/173912/medusa-mining-hails-progress-on-its-five-pillars-of-development--173912.html Gold miner Medusa Mining Limited (ASX:MML, LON:MML) said it has made significant progress on its five focus areas of development at the Co-O mine.

The company, reporting on performance in the six months to the end of December 2016, said the benefits of the work on some of these areas will start to be felt in the second half of the financial year.

Others, such as work on the E15 service shaft, will not feed through until the next financial year (running to 30 June 2018).

The Philippines-focused gold miner said production in the final quarter of last year was affected by additional maintenance work required for the level 8 (L8) production shaft.

It produced 35,807 ounces of gold, compared to 61,169 ounces in the same period of 2015, at an average recovered grade of 5.02 grams per tonne (g/t) versus 6.80 g/t the year before.

The company has revised its production guidance range for the full year to 85,000 – 95,000 ounces at an all-in sustaining cost (AISC) of between US$1,250 and US$1,350 per ounce of gold.

“We expect the L8 Shaft hoisting availability to be resolved in the March quarter, allowing us to deliver to the back-end loaded full year plan, albeit later than the original guidance,” the company said.

AISC for the half year was US$1,408 an ounce, up from US$951 an ounce in the same period of 2015.

The investment in the infrastructure development strategy, seen as critical to the mine’s future performance, plus the lower-than-expected production in the October-December quarter, resulted in a decline in cash (and equivalent) reserves to US$12.9 million from US$16.0mln the year before.

Medusa drilled around 23,000 metres to expand the down-dip potential at the Co-O mine, and chairman Andrew Teo said this rate of drilling will continue in the second half of the financial year.

Revenue in the half-year period fell 28% to US$50.1mln from US$69.7mln the year before.

Underlying earnings (EBITDA) were negative at US$32.7mln, reflecting non-cash impairment adjustments of US$55mln; the previous year the company had posted positive EBITDA of US$40.4mln.

The loss per share was 19.6 cents versus earnings per share the year before of 15.1 cents.

]]>
Tue, 28 Feb 2017 10:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173912/medusa-mining-hails-progress-on-its-five-pillars-of-development--173912.html
<![CDATA[News - Philippines orders mines shut: Medusa unaffected, but nickel sentiment boosted ]]> http://www.proactiveinvestors.co.uk/companies/news/172703/philippines-orders-mines-shut-medusa-unaffected-but-nickel-sentiment-boosted-172703.html Medusa Mining Limited (ASX:MML) has confirmed that it will not be subject to any formal gazetting, sequestration or forced closure as a result of the current government crackdown on miners being orchestrated by the Philippine Department of Environmental and Natural Resources.

The DNER issued a list of 29 operations that will be subject to various forms of action, including local champions Berong Nickel and Lepanto, both of which have done deals in the past with Australian or London-listed companies.

The closures, which will cut Philippine nickel production by a fifth, may not be permanent, as Reuters has reported that a review undertaken by the Mines and Geosciences Bureau has argued that many of the violations are rectifiable.

Nonetheless, investors are now taking renewed interest in nickel, a metal which has been out of favour for some years now, as the Philippines is the world’s top supplier.

Medusa, meanwhile, continues to produce apace.    

In quarterly results for the period to the end of December the company’s Co-O mine produced 17,350 ounces of gold at an average head grade of 4.75 grams per tonne.

All-in sustaining costs ran at a chunky US$1,498 per ounce as upgrades to plant and infrastructure continued. But cash costs were a healthy US$625 per ounce. The company had US$12.9 mln cash and bullion on hand at the end of the quarter.

The company expects to produce between 85,000 and 95,000 ounces of gold for the full fiscal year, at all-in sustaining costs of between US$1,250 and US$1,350.

]]>
Mon, 06 Feb 2017 11:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172703/philippines-orders-mines-shut-medusa-unaffected-but-nickel-sentiment-boosted-172703.html
<![CDATA[News - Medusa Mining produces fewer ounces in September quarter but repeats full year guidance ]]> http://www.proactiveinvestors.co.uk/companies/news/168323/medusa-mining-produces-fewer-ounces-in-september-quarter-but-repeats-full-year-guidance-168323.html A drop in grade as expected in the September quarter meant fewer gold ounces were produced from its  Co-O gold mine in the Philippines, said Medusa Mining Ltd (ASX:MML).

The firm produced 21,157 ounces of the yellow metal at an average head grade of 5.26g/t against 25,429 ounces at 6.32g/t in the preceding June quarter.

The drop in grade was expected mostly because of 9% more mine development in the quarter compared to the previous three months.

That saw 4,960 metres of horizontal and vertical mining compared to 4,501 metres in the June quarter.

Production guidance for the full year to June 30, 2017 remains the same, however, at 105,000 to 115,000 ounces, Medusa said.

The miner sold 21,152 ounces in the period, down from 25,519 in the previous three months, while all in sustaining  costs (ASIC) were US$1334 per ounce compared to US$1088 in the June period, impacted by exceptional costs like automation at the mill and costs related to dewatering.

]]>
Wed, 02 Nov 2016 06:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/168323/medusa-mining-produces-fewer-ounces-in-september-quarter-but-repeats-full-year-guidance-168323.html
<![CDATA[News - Medusa swings to profit and revenues up from Co-O mine ]]> http://www.proactiveinvestors.co.uk/companies/news/129795/medusa-swings-to-profit-and-revenues-up-from-co-o-mine-129795.html Gold miner Medusa Mining Ltd (ASX:MML) reported a 4% increase in revenues in the year just gone and swung to an after tax profit, as production was in line with guidance.

The group, which operates the Co-O gold mine in the Philippines, produced 108.578 ounces of the yellow metal at a head grade of 6.40 g/t - up from 98,359 ounces in the previous year to end June - at 5.61g/t.

It received an average price of US$1,173 for the gold sold (2015: US$1,220 per ounce).

Revenue was US$128.1mln compared to US$123.2mln in the year before and the statutory after tax profit was US$43.8mln compared to a loss of US$218.1mln the year before.

Underlying earnings (EBITDA) were US$69.6mln against a loss of US$186,8mln the year before, largely due to asset impairment losses of US$259.6mln.

The miner has been embarking on major works at the mine and US$17.2 million was paid out linked to building a new mill, expanding the mine and sustaining capital at the mine and mill.

Exploration expenditure, including underground diamond drilling, was US$9.3 million (2015: US$11.3 million).

Average cash costs for the year at US$466 per ounce, including royalties and local business taxes was higher than the previous year’s average of US$385 per ounce, but that was mainly down to changing way of allocating total mining costs introduced last month.

The firm is guiding production for the year to end June, 2017 to be between 105,000 and 115,000 gold ounces at an all in sustaining cost of between US$1,000 to US$1,100 per ounce.

Meanwhile, new resource and reserve estimates for 2016 are currently being compiled and will be reported in the September 2016 quarter, it added

 

]]>
Tue, 30 Aug 2016 07:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/129795/medusa-swings-to-profit-and-revenues-up-from-co-o-mine-129795.html
<![CDATA[News - Medusa Mining Ltd increases gold output in June 2016 quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/158956/medusa-mining-ltd-increases-gold-output-in-june-2016-quarter-70086.html Medusa Mining Ltd (ASX:MML) increased its gold output from the flagship Co-O mine in the June 2016 quarter.

The Philippines mine produced 25,429 ounces in the three months to end June, compared to 21,980 ounces in the previous quarter (to March).

The headgrade was also better than in the previous quarter - at 6.32 g/t gold compared to 5.47 g/t.

That meant it has produced 108,578 ounces in the year to date - higher than its previously revised guidance of 108,000 ounces.

All in sustaining costs (ASIC) were US$1,088 per ounce, compared to US$1,033 per ounce in the March quarter.

For the 2016/17 year, the firm is guiding for between 105,000 and 115,000 ounces to be produced, and all-in-sustaining-costs to be between US$1000 and US$1,100 per ounce.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 28 Jul 2016 11:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/158956/medusa-mining-ltd-increases-gold-output-in-june-2016-quarter-70086.html
<![CDATA[News - Medusa Mining increases gold output in latest quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/128694/medusa-mining-increases-gold-output-in-latest-quarter-128694.html Medusa Mining  Ltd (ASX:MML) increased its gold output from the flagship Co-O mine in the latest quarter.

The Philippines mine produced 25,429 ounces in the three months to end June, compared to 21,980 ounces in the previous quarter (to March).

The headgrade was also better than in the previous quarter - at  6.32 g/t gold compared to 5.47 g/t.

That meant it has produced 108,578 ounces in the year to date - higher than its previously revised guidance of 108,000 ounces.

All in sustaining costs (ASIC) were US$1,088 per ounce, compared to US$1,033 per ounce in the March quarter.

For the 2016/17 year, the firm is guiding for between 105,000 and 115,000 ounces to be produced, and all-in-sustaining-costs to be between US$1000 and US$1,100 per ounce.

]]>
Wed, 27 Jul 2016 12:16:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/128694/medusa-mining-increases-gold-output-in-latest-quarter-128694.html
<![CDATA[News - Medusa Mining's current work at Co-O mine supports output guidance ]]> http://www.proactiveinvestors.co.uk/companies/news/125644/medusa-mining-s-current-work-at-co-o-mine-supports-output-guidance-125644.html Work currently underway at the Co-O mine in the Philippines, supports Medusa Mining Limited's (ASX:MML) production guidance of 108,000 ounces of the yellow metal for 2016, its chief has said.

Speaking in a market briefing, newly hired Boyd Timler said the findings of a mine review, which started in December, had fed into current work.

"Additionally, the review will be key in developing the 2016-17 budget and strengthening Medusa’s medium to long term strategy," he said.

"What is critical for the short to medium term, is the completion of the mine capital projects as quickly and prudently as we can, alleviating infrastructure and production constraints at Co-O and enhancing our ability to convert resources to reserves."

Current output guidance for the year is down from 120- 130,000 ounces, not least due to lower than expected output in the first quarter to end March.

But Timler pointed out at the briefing that year to date production was up 14% on the previous corresponding period.

"I expect the average production over this nine-month period is reflective of the mine’s sustainable performance until necessary infrastructure projects are completed."

For the three months to end March, the miner produced 21,980 ounces at a head grade of 5.47 g/t gold compared to 29,674 ounces in the last quarter (to December 2015).

All in sustaining costs (ASIC) were US$1,033, up from US$950 in the preceding quarter.

]]>
Fri, 06 May 2016 11:46:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/125644/medusa-mining-s-current-work-at-co-o-mine-supports-output-guidance-125644.html
<![CDATA[News - Medusa Mining Ltd updates on gold production guidance ]]> http://www.proactiveinvestors.co.uk/companies/news/158955/medusa-mining-ltd-updates-on-gold-production-guidance-68368.html Medusa Mining Ltd (ASX:MML), which operates the Co-O mine in the Philippines, now expects production for the year of around 108,000 ounces of gold.

That's down from 120- 130,000 ounces after lower than expected output in the first quarter to end March and the results of a new operations review.

For the three months to end March, the miner produced 21,980 ounces at a head grade of 5.47 g/t gold compared to 29,674 ounces in the last quarter (to December 2015).

All in sustaining costs (ASIC) were US$1,033, up from US$950 in the preceding quarter.

Underground drilling to expand the resource kicked off last month from levels eight to 16, but there were initial delays due to rig availability and issues around the chambers.

The firm highlighted that elevated AISC guidance (between US$900 and US$1,000) will persist until all mine medium term waste infrastructure projects are completed.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Mon, 02 May 2016 07:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/158955/medusa-mining-ltd-updates-on-gold-production-guidance-68368.html
<![CDATA[News - Medusa Mining lowers production guidance for 2016 ]]> http://www.proactiveinvestors.co.uk/companies/news/125409/medusa-mining-lowers-production-guidance-for-2016-125409.html Medusa Mining Limited (ASX:MML), which operates  the Co-O mine in the Philippines, now expects production for the year of around 108,000 ounces of gold.

That's down from 120- 130,000 ounces after lower than expected output in the first quarter to end March and the results of  a new operations review.

For the three months to end March, the miner produced 21,980 ounces at a head grade of 5.47 g/t gold compared to 29,674 ounces in the last quarter (to December 2015).

All in sustaining costs (ASIC) were US$1,033, up from US$950 in the preceding quarter.

Underground drilling to expand the resource kicked off last month from levels eight to 16, but there were initial delays due to rig availability and issues around the chambers.

The firm highlighted that elevated AISC guidance (between US$900 and US$1,000) will persist until all mine medium term waste infrastructure projects are completed.

]]>
Fri, 29 Apr 2016 10:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/125409/medusa-mining-lowers-production-guidance-for-2016-125409.html
<![CDATA[News - Medusa Mining Ltd appoints new chief executive ]]> http://www.proactiveinvestors.co.uk/companies/news/123943/medusa-mining-ltd-appoints-new-chief-executive-123943.html Philippines-based gold miner Medusa Mining Ltd (ASX:MML) has appointed experienced mining executive Boyd Timler as its new chief executive.

A 30-year veteran in the industry, Timler’s skills and experience in operating large scale projects in international environments, and in developing brownfield projects from PFS through to production, would be a major asset as it develops its operations in the Philippines said Andrew Teo, the miner’s chairman.

Medusa operates the Co-O mine in the Philippines and has forecast production this year of between 120,000 and 130,000 ounces of gold.  

Timler said: “I am looking forward to the challenge of delivering on the company’s immense potential of the mine operations.”

]]>
Tue, 22 Mar 2016 07:27:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/123943/medusa-mining-ltd-appoints-new-chief-executive-123943.html
<![CDATA[News - Medusa Mining Limited sees near 28% increase in output in latest half year ]]> http://www.proactiveinvestors.co.uk/companies/news/123563/medusa-mining-limited-sees-near-28-increase-in-output-in-latest-half-year-123563.html Medusa Mining Limited (ASX:MML), which operates  the Co-O mine in the Philippines, reported a strong set of interims, which saw significant cash flow and a 27% uptick in net profit.

"Despite the challenges associated with L8 shaft repairs and ongoing work to de-bottle-neck the haulage shaft, the company was able to follow up its record quarter of production in September with an excellent December quarter," chairman Andrew Teo told investors.

He added that the first half produced 61,169 ounces of gold, a 27.8% increase on the same period the previous year and a 21.2% increase on the preceding six months.

"Achieving this result in the face of some challenging conditions is testament to the dedication of our men underground in the Philippines," he added.

Revenues were up 11% to US$69mln from US$62.2mln in the same half to end 2014, while net profit was US$31.3mln (2014: US$24.7mln). Pre-tax profit came in at US $31.3mln against US$25.6mln the previous year.

The miner said its production guidance for the year to June 30 remained at between 120,000 and 130,000 ounces but was subject to an independent review of operations.

Cash costs are expected to remain between US$400 to US$450 per ounce and AISC (all in sustaining costs) of between US$900 to US$1,000 per ounce.

]]>
Tue, 01 Mar 2016 08:45:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/123563/medusa-mining-limited-sees-near-28-increase-in-output-in-latest-half-year-123563.html
<![CDATA[News - Medusa Mining repeats output guidance for Co-O mine ]]> http://www.proactiveinvestors.co.uk/companies/news/158954/medusa-mining-repeats-output-guidance-for-co-o-mine-66808.html Medusa Mining (ASX:MML) said it expects gold output from its Co-O mine in the Philippines to remain at between 120-130,000 ounces for the 2015-16 year.

All in sustaining costs will remain as previously announced, at an elevated US$900 to US$1,000 per ounce until all medium term infrastructure projects are completed, it told investors in the December quarterly update.

The three months saw production of 29,674 ounces at a head grade of 6.79g/t - down from 31,495 ounces at 6.8 g/t in the September quarter.

Gold recovery was the same as in the September quarter at 94%.

Meanwhile, results from underground resource drilling included 1 metre at 226 g/t gold; and 0.45 metres at 167 g/t gold.

Total cash on hand at the end of the quarter was around US$16mln compared to around US$11.6mln as at September 30 last year.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 02 Feb 2016 08:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/158954/medusa-mining-repeats-output-guidance-for-co-o-mine-66808.html
<![CDATA[News - Medusa repeats output guidance for Co-O mine ]]> http://www.proactiveinvestors.co.uk/companies/news/121989/medusa-repeats-output-guidance-for-co-o-mine-121989.html Mon, 01 Feb 2016 10:40:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/121989/medusa-repeats-output-guidance-for-co-o-mine-121989.html <![CDATA[News - Medusa's chairman takes charge as CEO Davis retires again ]]> http://www.proactiveinvestors.co.uk/companies/news/119089/medusa-s-chairman-takes-charge-as-ceo-davis-retires-again-119089.html Medusa Mining (ASX:MML) said chairman Andrew Teo is to take over executive duties following the retirement of interim chief executive Geoff Davis.

Davis, who was talked out of retirement in September to re-join the company as interim chief executive, left the company today for the second time.

Andrew Teo, executive chairman, said the search for a new chief executive is in its final stages, he said, with an announcement expected shortly.

He was speaking at the Philippines-based gold miner’s annual general meeting, where he noted that Medusa remains on track to hit its full-year production guidance of between 120,000 and 130,000.

Production in the September quarter was at a record high for the company, though the December quarter will likely be slightly lower due to repairs on a shaft and scheduled maintenance over the Christmas break.

All in sustaining costs (AISCs) over the quarter were lower, around US$950, with AISC for the remainder of the year expected to be between US$900-US$1,000.

Shares closed in Australia 3.2% higher to 0.47p.

]]>
Thu, 12 Nov 2015 11:12:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/119089/medusa-s-chairman-takes-charge-as-ceo-davis-retires-again-119089.html
<![CDATA[News - Medusa Mining ups output by 19% as grades improve ]]> http://www.proactiveinvestors.co.uk/companies/news/116694/medusa-mining-ups-output-by-19-as-grades-improve-116694.html Medusa Mining (ASX:MML) is on track to meet its production target this year after a 19% rise in its first quarter to just shy of 35,000oz of gold.

The Philippines–based miner expects to produce between 120-130,000oz, versus 105,000oz, and repeated that with the latest numbers.

All-in-sustaining costs in the quarter were US$953, down from US$1,076 and in line with the target for the current year of between US$900-1,100.

The head grade rose to 6.8 g/t from 6.1g/t while recoveries held steady at 94%.

In the three months to September, Medusa sold 31,176 ounces at an average price of US$1,121 per oz compared to 29,350oz at an average US$1,197 in the preceding quarter.

House broker SP Angel said they were good numbers reflecting recent work to turn round the performance at Co-o.

As well as the higher grade, implementation of the new stoping protocol and payment system helped to improve stope grades drawn.

Recent development work at the Co-o mine has been on deeper underground resources and included a new service shaft.

The shaft headframe, main winder and sinking equipment are scheduled to arrive this quarter. They will be used to widen the shaft to its final dimensions from Level 2 to Level 8.

An underground drilling programme to extend the mine down from level 8 to level 16 starts this quarter.

SP Angel added: “The freeing up of the L8 shaft once the service shaft is in place in the second quarter of 2016 will be another step in terms of ore availability and improved mill utilisation.

“This should help to bring down costs and improve cash flows.”

Shares in the Australia–listed group rose 6% to A$0.6.

]]>
Tue, 27 Oct 2015 07:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/116694/medusa-mining-ups-output-by-19-as-grades-improve-116694.html
<![CDATA[News - Medusa Mining has flexibility to cope with lower gold prices says boss ]]> http://www.proactiveinvestors.co.uk/companies/news/111135/medusa-mining-has-flexibility-to-cope-with-lower-gold-prices-says-boss-111135.html Geoff Davies, Medusa’s Mining (ASX:MML) chief executive, said recent drilling has given the company the flexibility to adjust and remain profitable in the current gold price environment.

At the end of June Medusa’s Co-O gold mine in the Philippines had JORC compliant probable reserves of 427,000 ounces from 1.81mln tonnes of ore at a grade of 7.33 g/t.

The estimate was based on a gold price of US$1,150 per oz.

Davies said this price was US$100 per ounce lower than a year ago but reserves had only dropped by 4% and the total had been maintained around the same level for the last seven years.

Medusa’s recent focus has been to develop more resources underground at Co-O and this had increased its room for manoeuvre, said Davies,

 “As the understanding of the deposit has increased and new lower levels in the mine are being accessed and developed, it is apparent that we now have the flexibility to adjust cut-off grades to suit the gold price environment to ensure we only mine profitable ounces.

“This policy is being actively pursued in the mine operations and is being reflected in the increasing head grade at the mine,” he added.

“Drilling from Level 8 for the period 2015-17 in combination with development on Levels 9 and 10 should continue to replace the mine’s reserves (and resources) on an annual basis.” 

]]>
Fri, 25 Sep 2015 10:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/111135/medusa-mining-has-flexibility-to-cope-with-lower-gold-prices-says-boss-111135.html
<![CDATA[News - Medusa Mining maintains indicated resource in Philippines ]]> http://www.proactiveinvestors.co.uk/companies/news/110578/medusa-mining-maintains-indicated-resource-in-philippines-110578.html Higher confidence indicated gold resources remains largely unchanged compared to 2014, said Philippines-focused miner Medusa Mining (ASX:MML) as it issued its latest annual update.

The firm mined (depleted) 105,000 ounces in the year to end June, but the amount in the indicated category was around the same and at a slightly higher grade, the company said.

This was mainly because of the firm converting inferred into indicated resources by infill drilling, it added.

At the flagship Co-O mine, total inferred and indicated are now estimated at 3.5 million tonnes at 10.2 g/t gold for a total 1.15 million ounces gold, compared to the 2014 estimate of 4.34 million tonnes at 10.1 g/t gold for a total of 1.41 million ounces gold.

At the Bananghilig gold deposit, total inferred and indicated resources are 24.52 million tonnes at a grade of 1.44 g/t gold) and Saugon Gold - 81,500 tonnes at a grade of 5.97g/t gold - remain unchanged from 2013.

Chief executive Geoff Davis said the fact indicated resources were maintained validated the group's infill drilling emphasis during the year.

"Once the new reserve estimates are completed shortly, it is expected that the level of reserves should be maintained within the same range as the previous 6 years, a very consistent record.

"Whilst Inferred Resources have reduced primarily through less extensional drilling to replace converted resources, it is planned that the drilling due to commence from Level 8 in the December quarter will be a combination of extensional and infill drilling, and which should extend the resources to depth."

]]>
Mon, 07 Sep 2015 10:41:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/110578/medusa-mining-maintains-indicated-resource-in-philippines-110578.html
<![CDATA[News - Medusa Mining plays down A$260mln impairment ]]> http://www.proactiveinvestors.co.uk/companies/news/110509/medusa-mining-plays-down-a260mln-impairment-110509.html Philippines-based gold miner Medusa (ASX:MML) has taken a A$260mln write-down of its assets due to the slide in the price of the precious metal.

As a result of the write-down, Medusa reported a net loss of A$218.1mln for the year to June.

Geoff Davis, chief executive said: “Given that the carrying value of the company’s asset was considerable higher than its market capitalisation at 30 June 2015, the company was compelled to perform an impairment test, which resulted in a charge of almost US$260mln to its 2015 financials.

“I wish to add that this is purely an accounting treatment and has no bearing on our JORC resources and reserves in the Co-O mine and therefore will not affect operations.

“On the positive side, the impairment will decrease future depreciation and amortisation charges.”

Ignoring the impairment, Medusa made an underlying profit of US$41.5mln (US$30.9mln), an increase of 34% and a good result, said Davies.

House broker SP Angel said that the charge was inevitable given the current market cap of the company.

“Medusa remains profitable even under current gold prices with an AISC [all-in-sustaining-costs] of around US$1,000/oz with scope for this to come down as operational improvements are put into place to improve mining throughput to match plant capacity.

“Continued generation of cash and return of management credibility will be key to re-rating the shares as well as a stable gold price.”

The impairment was based on changes to a number of assumptions notably a reduction in the gold price forecast by US$100 to US$1,200 per ounce, an increase in the discount rate to  11.1% from 10%.

Under the new assumptions, probable reserves fall to 590,000oz from 820,000 oz.

]]>
Thu, 03 Sep 2015 13:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/110509/medusa-mining-plays-down-a260mln-impairment-110509.html
<![CDATA[News - Medusa Mining meets guidance with 2015 gold output ]]> http://www.proactiveinvestors.co.uk/companies/news/109352/medusa-mining-meets-guidance-with-2015-gold-output-109352.html Medusa Mining (ASX:MML) met its production guidance for the year to end June, it said, revealing output was 98,539 ounces of the yellow metal.

The firm, which operates the Co-O mine in the Philippines, had guided for between 95,000 and 100,000 ounces.

Next year, it expects to produce between 120,000 and 130,000 ounces as operations at the site are optimised and improved.

In the  three months to end June, its fourth quarter, the miner produced 26,542 ounces at a head grade of 6.01 grams per tonne (g/t) gold with AISC (all in sustaining costs) of US$1,076 per ounce.

That was an improvement on the third quarter, which saw 23,940 ounces generated at 5.84 g/t gold with AISC of US$1,073 per ounce.

Medusa sold 29,350 ounces in the quarter compared to 17,169 ounces in the March quarter, while the average gold price received in the latest three months was reduced to US$1,197 from US$1,217 per ounce in the March quarter.

]]>
Mon, 27 Jul 2015 07:54:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/109352/medusa-mining-meets-guidance-with-2015-gold-output-109352.html
<![CDATA[News - Medusa Mining pleased with progress of new service shaft at Co-O ]]> http://www.proactiveinvestors.co.uk/companies/news/108744/medusa-mining-pleased-with-progress-of-new-service-shaft-at-co-o-108744.html Construction at Medusa Mining’s (ASX:MML) new service shaft at the Co-O mine in the Philippines is making good progress.

The new shaft will drop to 400 metres underground and provide access to the mine between levels 3 and 8.

It will increase hauling capacity from level 8 to around 1,700 dry tonnes a day (dptd) from 1,400 and lift the total mine capacity to around 2,700dptd from all shafts.

The rope guided man-cage is on track to be installed in the second quarter next year and once that is done all men and material movement will be transferred to the new shaft from the L8 Shaft.

The L8 shaft will then be used exclusively to hoist ore to attain the 1,700 tonnes per day haulage target.

Geoff Davis, Medusa’s chief executive, said:  “The construction of the Service Shaft has got off to a great start and should be completed within the estimated timelines with all long lead times items ordered and being manufactured.” 

]]>
Tue, 07 Jul 2015 08:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/108744/medusa-mining-pleased-with-progress-of-new-service-shaft-at-co-o-108744.html
<![CDATA[News - Medusa Mining developing a reputation for outperformance ]]> http://www.proactiveinvestors.co.uk/companies/news/108120/medusa-mining-developing-a-reputation-for-outperformance-108120.html Things are looking up for Medusa Mining (ASX:MML), the owner of the profitable Co-O gold mine in the Philippines.

After a period in which it developed a reputation for being accident prone, the new management team has turned things around to the extent that the phrase “topped expectations” is being frequently used in reports on the company’s progress.

Results for the second half of 2014, released back in February, showed an 83% increase in revenues to US$62.2mln from US$34.0mln the year before, while underlying earnings (EBITDA) more than doubled to US$39.9mln.

The strong improvement in trading was achieved despite an unhelpful gold price; the average gold price received in the second half of 2014 was US1,234 an ounce, down from US$1,304 in the second half of the previous year.

Since then, the company’s first (calendar) quarter production update continued the improving production trend, with increased availability of ore from the level 8 shaft and various operational initiatives to mitigate dilution indicating the new management team, led by founder Geoff Davis who resumed the chief executive role, has a handle on things at Co-O.

Proof of that came in June when the company upped production guidance for the fiscal year to the end of June 2016. The company now expects to churn out 120,000 to 130,000 ounces, which is a 20 to 30 per cent increase on previous guidance; meanwhile, the company expects to see continued improvement in the following year with guidance set at 135,000 to 145,000 ounces.

As mother used to warn in our youth, it takes very little time to develop a bad reputation and a mighty long time to lose one, but the message seems to be getting through, with Medusa’s share price up almost 30% year-to-date to A$0.84.

Based on the last financial year’s earnings per share of 27 cents, that still leaves the shares at a jaw-dropping cheap earnings multiple of 3.1, which, even if you are bearish on the gold price, makes the stock a prime candidate for a re-rating.

As it happens, the gold price has been steady over the last three months, with the spot price edging up from US$1,160 an ounce in mid-March to around US$1,178 in mid-June.

With Medusa’s all in sustaining costs for the forthcoming financial year set to be somewhere between US$960 and US$1,060 an ounce – and that’s with around US$80 an ounce factored in relating to capital expenditure on improving the service shaft – the company has a decent cushion between production costs and selling prices.

Bear in mind also that after a period when the company had proved over-optimistic in setting guidance, the new management is erring on the side of caution as it seeks to restore confidence in the market.

Mining specialist SP Angel, a buyer of the stock, is a big fan of the stock and sees scope both for increased production and lower costs.

“After an extended period of disappointment, the new management team are turning things around,” the broker said back in April.

While the flagship mine continues to operate profitably and churn out cash, the company has a substantial pipeline of resource prospects in the Philippines that could add further benefits of scale.

Over the last 11 years the miner has acquired a portfolio of tenements with prospects that range from 'greenfields' to 'resource definition' stage.

Currently, apart from the Co-O mine, only the Bananghilig and Saugon deposits have resources, but Bananghilig is undergoing further geological work.

Medusa has identified two high priority exploration areas: the Co-0 mine environs - notably the NT series of veins, East Agsao and West Road 17 - and the Guinhalinan gold prospect.

According to CEO Geoff Davis: “Our core tenements have many years of exploration ahead as our substantial pipeline of prospects is systematically assessed, and more likely to be identified over time.”

In years gone by, that promise of “jam tomorrow” might not have cut much ice, but the new Medusa has proved its mettle in developing gold assets in the Philippines – although it appears not everyone in the market has realised this yet.

]]>
Wed, 17 Jun 2015 16:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/108120/medusa-mining-developing-a-reputation-for-outperformance-108120.html
<![CDATA[News - Medusa Mining ups production guidance ]]> http://www.proactiveinvestors.co.uk/companies/news/108101/medusa-mining-ups-production-guidance-108101.html Medusa Mining (ASX:MML) has upped production guidance for the year to end-June 2016 at its flagship Co-O gold mine in the Philippines.

The company said it expects production will fall somewhere between 120,000 and 130,000 ounces of gold in fiscal 2015/16, while production for fiscal 2016/17 is expected to rise to 135,000 – 145,000 ounces.

Guidance for the year to June 2016 has been raised despite some infrastructure projects scheduled to coincide with the installation of the service shaft.

“It is pleasing to see an anticipated increase in production guidance by 20 to 30% for the forthcoming financial year, despite the fact that production will be affected by the underground activities associated with the installation of the service shaft,” said Medusa’s chief executive, Geoff Davis.

The company said cash costs for the financial year about to start are estimated at US$380 to US$430 an ounce, while the all-in sustaining cost is tipped to be somewhere in the range of US$960 to US$1,060 an ounce.

]]>
Wed, 17 Jun 2015 08:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/108101/medusa-mining-ups-production-guidance-108101.html
<![CDATA[News - Medusa Mining reaffirms gold ounce production guidance for FY15 ]]> http://www.proactiveinvestors.co.uk/companies/news/158953/medusa-mining-reaffirms-gold-ounce-production-guidance-for-fy15-62030.html Gold production at Medusa Mining's (ASX:MML) flagship Co-O mine in the Philippines was slightly lower this quarter than the previous one but much higher than the same period last year.

The firm said 23,940 ounces of the yellow metal were produced in the three months to end March this year compared to 16,200 ounces in the first three months of 2014 and compared to 26,850 ounces in the quarter to end December, 2014.

The reduced ounces were due to a number of factors, including shut down of the Level 8 shaft for an upgrade.

The head grade was 5.84 g/t compared to 5.56 g/t in the previous three months, while the  recovery was also improved at 94% compared to 93% in the last three months of last year due to tweaks to the milling circuit.

Cash costs were US$391 per ounce compared to US$380 per ounce in the previous quarter, while gold sold was 17,169 ounces, down from 28,190 ounces in the preceding quarter.

For the year to end June, the miner is guiding for output between 95,000 and 100,000 ounces.

Ramp up of production to meet an increased capacity of 1,400 tpd is progressing on schedule, the firm added.

Earlier this month, the group said construction of a US$10mln underground service shaft had kicked off, which will take around 17 months, and lift the total mine capacity to around 2,700dtpd (dry tonnes per day) from all shafts. The estimated pay back time is 1.4 years.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 29 Apr 2015 08:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/158953/medusa-mining-reaffirms-gold-ounce-production-guidance-for-fy15-62030.html
<![CDATA[News - UPDATE - Medusa Mining repeats 95,000 to 100,000 ounce full year guidance for Co-O mine ]]> http://www.proactiveinvestors.co.uk/companies/news/68475/update-medusa-mining-repeats-95000-to-100000-ounce-full-year-guidance-for-co-o-mine-79755.html ---ADDS BROKER COMMENT---

Gold production at Medusa Mining's (ASX:MML) flagship Co-O mine in the Philippines was slightly lower this quarter than the previous one but much higher than the same period last year.

The firm said 23,940 ounces of the yellow metal were produced in the three months to end March this year compared to 16,200 ounces in the first three months of 2014 and compared to 26,850 ounces in the quarter to end December, 2014.

The reduced ounces were due to a number of factors, including shut down  of the Level 8 shaft for an upgrade.

The head grade was 5.84 g/t compared to 5.56 g/t in the previous three months, while the  recovery was also improved at 94% compared to 93% in the last three months of last year due to tweaks to the milling circuit.

Cash costs were US$391 per ounce compared to US$380 per ounce in the previous quarter, while gold sold was 17,169 ounces, down from 28,190 ounces in the preceding quarter.

For the year to end June, the miner is guiding for output between 95,000 and 100,000 ounces.

Ramp up of production to meet an increased capacity of 1,400 tpd is progressing on schedule, the firm added.

Earlier this month, the group said construction of a US$10mln underground service shaft had kicked off, which will take around 17 months, and lift the total mine capacity to around 2,700dtpd (dry tonnes per day) from all shafts. The estimated pay back time is 1.4 years.

Resource focused broker SP Angel said the numbers showed an improving trend in operations at Co-O.

"After an extended period of disappointment, the new management team are turning things around. The build up in availability of ore from Level 8 shaft and the initiatives to mitigate dilution are all likely to lead to better throughput and grades," it said. 

"This should enable costs to come down from here. Guidance for this year should be met and we look forward to the guidance set for next year with some scope to upgrade production ounces from here."

The broker rates the shares a 'buy'. Its target price is under review.

]]>
Tue, 28 Apr 2015 13:16:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/68475/update-medusa-mining-repeats-95000-to-100000-ounce-full-year-guidance-for-co-o-mine-79755.html
<![CDATA[News - Medusa Mining next week ]]> http://www.proactiveinvestors.co.uk/companies/news/67945/medusa-mining-next-week-79187.html Next Thursday's event will see Medusa Mining (ASX:MML) return to London to update investors on progress at its flagship Co-O mine in the Philippines. 

To ensure you don't miss out on the evening on April 16, secure your place HERE. Medusa is a listed gold producer which has its primary operations in the Philippines.

Total mineral resources were reported in September 2014 at 2.56 million ounces under JORC guidelines. 

The miner has recently benefitted from an improved operating performance at its flagship Co-O mine, which resulted in a significant uplift in revenue and profit over the second half of 2014. 

As impressive as these improvements were, management remain bullish on the firm’s ability to drive further efficiencies and operational improvements, driving the company’s value higher in the process. 

With many experts predicting that gold could now be entering a new bull market, we look forward to an update from Medusa Mining chief executive Geoffrey Davis.

The evening will end at 7pm with a complimentary bar and an assortment of hot & cold canapes, giving you the opportunity to speak with the directors and other investors. 

Please join us at 5:45pm to allow for a prompt 6pm start. The company has 20 minutes to give a short presentation and then 10 minutes Q&A. This will be followed by the 'Champagne Raffle' where six guests will win a bottle each. 

The event will be rounded off with a drinks reception with canapés.

]]>
Fri, 10 Apr 2015 17:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/67945/medusa-mining-next-week-79187.html
<![CDATA[News - Medusa Mining approves US$10mln service shaft at Co-O mine ]]> http://www.proactiveinvestors.co.uk/companies/news/158952/medusa-mining-approves-us10mln-service-shaft-at-co-o-mine-61685.html Philippines-focused Medusa Mining (ASX:MML) is planning for the long term future of its flagship Co-O mine and has approved the construction of a US$10mln underground service shaft.

Surface earthworks for the project have kicked off, it said, which will take around 17 months to construct with an estimated pay back time of 1.4 years.

The new shaft, almost 400 metres underground, will have a rope-guided cage and improve the efficiency of the mine between levels 3 and levels 8, the company said.

It will increase hauling capacity from level 8 to around 1,700 dry tonnes a day (dptd) from 1,400 and lift the total mine capacity to around 2,700dptd from all shafts.

The new shaft will have a nominal ten year working life.

It comes after extensive re-modelling and reinterpretation of the geology at the mine over the last two years.

Geoff Davis, chief executive of Medusa, told investors: "The advances in the geological understanding of the large Co-O vein system greatly enhance our ability to plan for the future, as well as demonstrate the considerable upside beyond the current resources and reserves that will support a long life future.

"The mine to 30 June 2014 has produced approximately 630,000 ounces, and at the same date had 1.4 million ounces of total resources.

"The service shaft will greatly improve the efficiency of the Co-0 mine with respect to the transport of men and materials, supervision, safety and ore haulage. This is an important step in improving our haulage systems for the future."

SP Angel rates Medusa shares a 'buy' and puts its target price for the stock under review.

It notes that the mine development had been a bottleneck to making use of the new mill capacity which was to take the miner from a 100,000 ounce a year producer to a 200,000 one.

"We currently have 2,000 tpd of mine capacity built into our model for the next two years rising to 2,500 tpd in 2017," noted the broker.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 10 Apr 2015 10:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/158952/medusa-mining-approves-us10mln-service-shaft-at-co-o-mine-61685.html
<![CDATA[News - UPDATE - Medusa Mining approves US$10mln service shaft at Co-O mine ]]> http://www.proactiveinvestors.co.uk/companies/news/66478/update-medusa-mining-approves-us10mln-service-shaft-at-co-o-mine-79113.html ---ADDS BROKER COMMENT---

Philippines-focused Medusa Mining (ASX:MML) is planning for the long term future of its flagship Co-O mine and has approved the construction of a US$10mln underground service shaft.

Surface earthworks for the project have kicked off, it said, which will take around 17 months to construct with an estimated pay back time of 1.4 years.

The new shaft, almost 400 metres underground, will have a rope-guided cage and improve the efficiency of the mine between levels 3 and levels 8, the company said.

It will increase hauling capacity from level 8 to around 1,700 dry tonnes a day (dptd) from 1,400 and lift the total mine capacity to around 2,700dptd from all shafts.

The new shaft will have a nominal ten year working life.

It comes after extensive re-modelling and reinterpretation of the geology at the mine over the last two years.

Geoff Davis, chief executive of Medusa, told investors: "The advances in the geological understanding of the large Co-O vein system greatly enhance our ability to plan for the future, as well as demonstrate the considerable upside beyond the current resources and reserves that will support a long life future.

"The mine to 30 June 2014 has produced approximately 630,000 ounces, and at the same date had 1.4 million ounces of total resources.

"The service shaft will greatly improve the efficiency of the Co-0 mine with respect to the transport of men and materials, supervision, safety and ore haulage. This is an important step in improving our haulage systems for the future."

SP Angel rates Medusa shares a 'buy' and puts its target price for the stock under review.

It notes that the mine development had been a bottleneck to making use of the new mill capacity which was to take the miner from a 100,000 ounce a year producer to a 200,000 one.

"We currently have 2,000 tpd of mine capacity built into our model for the next two years rising to 2,500 tpd in 2017," noted the broker.

]]>
Thu, 09 Apr 2015 12:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/66478/update-medusa-mining-approves-us10mln-service-shaft-at-co-o-mine-79113.html
<![CDATA[News - Medusa Mining's Co-O mine improvements getting results ]]> http://www.proactiveinvestors.co.uk/companies/news/158951/medusa-minings-co-o-mine-improvements-getting-results-60898.html Improved operating performance at its Co-O mine in the Philippines meant Medusa Mining (ASX:MML) posted better production, revenue and profit in its latest half year.

For the six months ended December 31, the miner exceeded guidance and says it's on track to produce 95,000 to 100,000 ounces of gold for the full year to end-June.

Net profit for the six months was up 90% to US$24.8mln compared to US$13mln in the same period in 2013, on revenues of US$62.2mln compared to US$34mln - an 83% rise.

Production for the period was 83% higher at 47,877 ounces, with 50,683 ounces sold compared to 27,334 last year.

This was put down to factors including improved mill recoveries and throughput.

Cash costs improved to US$381 per ounce compared to US$422 an ounce a year earlier.

Cash costs for the full year are expected to be between US$400 and US$450 an ounce and Medusa expects recoveries to be maintained above 92% with a head grade of greater than 5 grams per tonne (g/t).

Following a mine review kicked off last year, a number of changes have been made throughout the mine site.

The upgrade to the L8 shaft has now been completed with the haulage rate increased from 45,000 to 60,000 tonnes per month.

"We are already seeing improvements and are confident that further improvements will flow as these changes work through the new management systems over the next six months or so," said the company.

The review proposed a 750 metres deep shaft to Level 16 be considered and this is currently being evaluated, the group said.

The mill has performed well and improvements and refinements are still underway.

As at December 31, Medusa had US$13.6mln of cash and bullion on hand compared to US$20.8mln at the same time in 2013.

Broker SP Angel repeated a 'buy' call on the shares, saying "things were going in the right direction for Medusa after a difficult period".

"Expectations to grow production based on a new mill were de-railed when mine infrastructure was found to be wanting.

"With a focus to upgrade the haulage capacity at the mine now coming through – this will enable the company to regain production back to a base level of 100,000 oz.

"With all-in sustaining costs expected to be between US$900-US$1,000, this gives them the opportunity to generate cash flows of around US$20mln at the higher end of costs and 100,000 oz of production."

Medusa shares have risen around a third in the last three months and now stand at A$0.86 a pop.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 25 Feb 2015 09:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/158951/medusa-minings-co-o-mine-improvements-getting-results-60898.html
<![CDATA[News - UPDATE - Medusa Mining's Co-O mine improvements getting results ]]> http://www.proactiveinvestors.co.uk/companies/news/66486/update-medusa-minings-co-o-mine-improvements-getting-results--77588.html --ADDS BROKER COMMENT---

Improved operating performance at its Co-O mine in the Philippines meant Medusa Mining (ASX:MML) posted better production, revenue and profit in its latest half year.

For the six months ended December 31, the miner exceeded guidance and says it's on track to produce 95,000 to 100,000 ounces of gold for the full year to end-June.

Net profit for the six months was up 90% to US$24.8mln compared to US$13mln in the same period in 2013, on revenues of US$62.2mln compared to US$34mln - an 83% rise.

Production for the period was 83% higher at 47,877 ounces, with 50,683 ounces sold compared to 27,334 last year.

This was put down to factors including improved mill recoveries and throughput.

Cash costs improved to US$381 per ounce compared to US$422 an ounce a year earlier.

Cash costs for the full year are expected to be between US$400 and US$450 an ounce and Medusa expects recoveries to be maintained above 92% with a head grade of greater than 5 grams per tonne (g/t).

Following a mine review kicked off last year, a number of changes have been made throughout the mine site.

The upgrade to the L8 shaft has now been completed with the haulage rate increased from 45,000 to 60,000 tonnes per month.

"We are already seeing improvements and are confident that further improvements will flow as these changes work through the new management systems over the next six months or so," said the company.

The review proposed a 750 metres deep shaft to Level 16 be considered and this is currently being evaluated, the group said.

The mill has performed well and improvements and refinements are still underway.

As at December 31, Medusa had US$13.6mln of cash and bullion on hand compared to US$20.8mln at the same time in 2013.

Broker SP Angel repeated a 'buy' call on the shares, saying "things were going in the right direction for Medusa after a difficult period".

"Expectations to grow production based on a new mill were de-railed when mine infrastructure was found to be wanting.

"With a focus to upgrade the haulage capacity at the mine now coming through – this will enable the company to regain production back to a base level of 100,000 oz.

"With all-in sustaining costs expected to be between US$900-US$1,000, this gives them the opportunity to generate cash flows of around US$20mln at the higher end of costs and 100,000 oz of production."

Medusa shares have risen around a third in the last three months and now stand at A$0.86 a pop.

]]>
Tue, 24 Feb 2015 13:02:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/66486/update-medusa-minings-co-o-mine-improvements-getting-results--77588.html
<![CDATA[News - Medusa Mining's quarterly gold production hits record level ]]> http://www.proactiveinvestors.co.uk/companies/news/158950/medusa-minings-quarterly-gold-production-hits-record-level-60391.html Medusa Mining (ASX:MML), the Philippines-focused gold miner, produced a record 26,859 ounces in the fourth quarter of 2014.

The gold was produced at an average head grade of 5.56 grams per tonne (g/t) and at a cash cost of US$380 per ounce, inclusive of royalties and local business rates.

All-in sustaining costs (AISC) for the quarter eased to US$989 per ounce, including discretionary exploration expenditure of US$2.9mln, from US$1,238 per ounce in the preceding quarter, when discretionary exploration spending was US$2.7mln.

The company said the increase in gold production was down to an increase in mill throughput, improved head grade and improved mill recoveries.

In the six months to end-December – the first half of Medusa’s financial year – the company produced 47,877 ounces of gold, which was above the top end of the company’s guidance of 40,000 – 45,000 ounces, given back in September.

The company added that the L8 shaft upgrade at its Co-O mine completed on schedule on 13 January, and should improve the combined mine haulage to around 60,000 tonnes per month and reduce the time it takes for worker to get to and from the underground work stations.

The company sold 28,190 ounces of gold during the final three months of 2014 at an average price of US$1,204 per ounce, compared to 22,491 ounces sold at an average price of US$1,272 an ounce in the preceding quarter.

At the end of the year, the company had total cash and cash equivalents of US$13.6mln, down from US$15.5mln three months earlier.

Yesterday, the company released an upbeat report on the potential of its Guinhalinan prospect in the Philippines, which it believes is a "major regionally significant" target.

The group said it had defined a "major corridor" of soil anomalies at the site; these anomalies over a strike zone of around 5km, which are open to the south over a width of up to 2km.

Outcropping mineralisation has been found at numerous locations and verified by previous drilling, the company said.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 30 Jan 2015 14:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/158950/medusa-minings-quarterly-gold-production-hits-record-level-60391.html
<![CDATA[News - Medusa Mining's quarterly production hits record level ]]> http://www.proactiveinvestors.co.uk/companies/news/65723/medusa-minings-quarterly-production-hits-record-level-76730.html Medusa Mining (ASX:MML), the Philippines-focused gold miner, produced a record 26,859 ounces in the fourth quarter of 2014.

The gold was produced at an average head grade of 5.56 grams per tonne (g/t) and at a cash cost of US$380 per ounce, inclusive of royalties and local business rates.

All-in sustaining costs (AISC) for the quarter eased to US$989 per ounce, including discretionary exploration expenditure of US$2.9mln, from US$1,238 per ounce in the preceding quarter, when discretionary exploration spending was US$2.7mln.

The company said the increase in gold production was down to an increase in mill throughput, improved head grade and improved mill recoveries.

In the six months to end-December – the first half of Medusa’s financial year – the company produced 47,877 ounces of gold, which was above the top end of the company’s guidance of 40,000 – 45,000 ounces, given back in September.

The company added that the L8 shaft upgrade at its Co-O mine completed on schedule on 13 January, and should improve the combined mine haulage to around 60,000 tonnes per month and reduce the time it takes for worker to get to and from the underground work stations.

The company sold 28,190 ounces of gold during the final three months of 2014 at an average price of US$1,204 per ounce, compared to 22,491 ounces sold at an average price of US$1,272 an ounce in the preceding quarter.

At the end of the year, the company had total cash and cash equivalents of US$13.6mln, down from US$15.5mln three months earlier.

Yesterday, the company released an upbeat report on the potential of its Guinhalinan prospect in the Philippines, which it believes is a "major regionally significant" target.

The group said it had defined a "major corridor" of soil anomalies at the site; these anomalies over a strike zone of around 5km, which are open to the south over a width of up to 2km.

Outcropping mineralisation has been found at numerous locations and verified by previous drilling, the company said.

]]>
Thu, 29 Jan 2015 08:18:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/65723/medusa-minings-quarterly-production-hits-record-level-76730.html
<![CDATA[News - Medusa Mining upbeat on potential of Guinhalinan prospect ]]> http://www.proactiveinvestors.co.uk/companies/news/65679/medusa-mining-upbeat-on-potential-of-guinhalinan-prospect-76687.html Gold miner Medusa Mining (ASX:MML) reckons its Guinhalinan prospect in the Philippines is a "major regionally significant" target.

It comes after the group said it had defined a "major corridor" of soil anomalies at the site.

These occur over a strike of around 5km, which are open to the south over a width of up to 2km.

Outcropping mineralisation has been found at numerous locations and verified by previous drilling.

Geoff Davis, chief executive, told investors: "At this early stage, we view the Guinhalinan prospect as a major regionally significant exploration target with potential to rival the 'open in all directions' 1.14mln ounce Bananghilig mineralised system immediately to the north.

"Mineralisation in more than one horizon was verified in drill holes in 2010-11 by the company, so we know there is below-surface substance to the soil anomolies.

"Once we have completed the Bananghilig programme of re-interpretation and associated works, exploration activity will increase at Guinhalinan particularly in the drier season from around April to define drill targets."

The prospect is subject to a mines operating agreement with Das-Agan Mining Corp, who will receive a 3% gross royalty on all production.

In 2009-2010 the firm undertook a limited programme of trenching and diamond drilling when looking for further high grade material for its Co-O mine mill.

Four holes in 2009 struck grades including 7.3 metres (m) at 2.72 grams per tonne (g/t) from 22.6m, 8.15m at 1.3 g/t gold from 27.55 metres.

]]>
Wed, 28 Jan 2015 08:47:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/65679/medusa-mining-upbeat-on-potential-of-guinhalinan-prospect-76687.html
<![CDATA[News - Medusa Mining has "substantial pipeline" of exploration prospects in Philippines ]]> http://www.proactiveinvestors.co.uk/companies/news/158949/medusa-mining-has-substantial-pipeline-of-exploration-prospects-in-philippines-60241.html Medusa Mining (ASX:MML, LON:MML) has identified a "substantial pipeline" of resource prospects that could feed its Co-O gold mine operation in the Philippines.

It follows the completion of an exploration and tenement review by its Philippines operating business.

Over the last 11 years the miner has acquired a portfolio of tenements with prospects that range from 'greenfields' to 'resource definition' stage.

Currently, only the Bananghilig and Saugon deposits have resources apart from the Co-O mine, which is in operation.

Bananghilig is undergoing further geological work  before scoping studies begin, while Saugon is yet to be prioritised with scoping.

Medusa said today it had now identified two high priority exploration areas.

These are the Co-0 mine environs - notably the NT series of veins, East Agsao and West Road 17 - and the Guinhalinan gold prospect.

It has also reduced the tenement area to around 489 square kilometres, from around 806 square kilometres.

Geoff Davis, Medusa chief executive, said: "Our core tenements have many years of exploration ahead as our substantial pipeline of prospects is systematically assessed, and more likely to be identified over time.

"Rationalisation of our tenement areas has been undertaken now that sufficient regional to detailed knowledge is available regarding prospectivity, as well as considerations such as competing land use and accessibility.

"This will reduce our holding costs and administrative requirements."

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 22 Jan 2015 08:40:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/158949/medusa-mining-has-substantial-pipeline-of-exploration-prospects-in-philippines-60241.html
<![CDATA[News - Medusa Mining has "substantial pipeline" of exploration prospects in Philippines ]]> http://www.proactiveinvestors.co.uk/companies/news/65469/medusa-mining-has-substantial-pipeline-of-exploration-prospects-in-philippines-76443.html Medusa Mining (ASX:MML) has identified a "substantial pipeline" of resource prospects that could feed its Co-O mine operation in the Philippines.

It follows the completion of an exploration and tenement review by its Philippine operating firm.

Over the last 11 years the miner has acquired a portfolio of tenements with prospects that range from 'greenfields' to 'resource definition' stage.

Currently, only the Bananghilig and Saugon deposits have resources apart from the Co-O mine, which is in operation.

Bananghilig is undergoing further geological work  before scoping studies begin, while Saugon is yet to be prioritised with scoping.

Medusa said today it had now identified two high priority exploration areas.

These are the Co-0 mine environs - notably the NT series of veins, East Agsao and West Road 17 - and the Guinhalinan gold prospect.

It has also reduced the tenement area to around 489 sq km, from around 806 sq km.

Geoff Davis, Medusa chief executive, said: "Our core tenements have many years of exploration ahead as our substantial pipeline of prospects is systematically assessed, and more likely to be identified over time.

"Rationalisation of our tenement areas has been undertaken now that sufficient regional to detailed knowledge is available regarding prospectivity, as well as considerations such as competing land use and accessibility.

"This will reduce our holding costs and administrative requirements."

]]>
Wed, 21 Jan 2015 08:36:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/65469/medusa-mining-has-substantial-pipeline-of-exploration-prospects-in-philippines-76443.html
<![CDATA[News - Medusa Mining improves capacity at flagship mine with shaft upgrade ]]> http://www.proactiveinvestors.co.uk/companies/news/65329/medusa-mining-improves-capacity-at-flagship-mine-with-shaft-upgrade-76288.html Medusa Mining (ASX:MML) has made a key step in improving the efficiency and capacity of its flagship mine in the Philippines, it told investors.

The firm has now completed the upgrade at the L8 shaft on schedule and operations restarted there on January 13.

The replacement of the 3.6 tonne skips with 4.8 tonne ones means the haulage capacity at the mine is lifted to around 60,000 dry tonnes per month, from 45,000 previously.

It also improves men and materials handling through the installation of double man-cages, raplacing single ones.

Chief executive of the Australia listed miner Geoff Davis said: “This is an important step in improving the efficiency and capacity of the Co-O Mine.

"We are currently working on formulating and designing the life of mine haulage requirements and anticipate providing an update in late February to mid-March.”

Its been a fairly busy period for the company. Last month, it attained future power security - after it striking a deal over 9,000 hectares of coal operating contracts and formed a strategic alliance with Perth-based Swan Energy.

This alliance is to finance, build and operate a 30 megawatt (MW) power station and be the exclusive power supplier to the group's operations.

]]>
Fri, 16 Jan 2015 07:58:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/65329/medusa-mining-improves-capacity-at-flagship-mine-with-shaft-upgrade-76288.html
<![CDATA[News - Medusa Mining shareholder cuts stake ]]> http://www.proactiveinvestors.co.uk/companies/news/64864/medusa-mining-shareholder-cuts-stake-75761.html Medusa Mining (ASX:MML), which operates the Co-O gold mine in the Philippines, has seen money manager Van Eck reduce its stake in the company.

Van Eck’s shareholding has been cut from 23.97mln shares to 13.27mln, which means its voting power has been reduced from 11.54% of the total to 6.39%.

The company revealed last week it has attained future power security by striking a deal over 9,000 hectares of coal operating contracts and forming a strategic alliance with Perth-based Swan Energy.

This alliance is to finance, build and operate a 30 megawatt power station and be the exclusive power supplier to the group's operations.

Shares fell 3.8% to 63.5 cents on the Australian stock exchange.

]]>
Wed, 24 Dec 2014 07:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64864/medusa-mining-shareholder-cuts-stake-75761.html
<![CDATA[News - Medusa Mining strikes deals for future power security in Philippines ]]> http://www.proactiveinvestors.co.uk/companies/news/64696/medusa-mining-strikes-deals-for-future-power-security-in-philippines-75562.html Medusa Mining (ASX:MML), which operates the Co-O gold mine in the Philippines, has attained future power security - after it struck a deal over 9,000 hectares of coal operating contracts and formed a strategic alliance with Perth-based Swan Energy.

This alliance is to finance, build and operate a 30 megawatt (MW) power station and be the exclusive power supplier to the group's operations.

Geoff Davis, the chief executive of Medusa, said: "This is another strategic step in building the long term future for the company's long life operations by planning for power supply security.

"We are very pleased to have the relationship with Swan Energy who have strong associations with international power station technology and construction companies."

The firm identified the opportunity to control its own future power sources several years ago and the first step is the granting of these coal operating contracts, while the second is the power station.

Medusa will carry out the exploration, feasibility studies and mining operations on the coal contracts and has the option to transfer the contracts to a new qualified corporation to undertake these activities.

]]>
Thu, 18 Dec 2014 10:27:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64696/medusa-mining-strikes-deals-for-future-power-security-in-philippines-75562.html
<![CDATA[News - Medusa Mining unaffected by typhoon Hagupit ]]> http://www.proactiveinvestors.co.uk/companies/news/64372/medusa-mining-unaffected-by-typhoon-hagupit-75203.html Medusa Mining (ASX:MML) has avoided any disruption from Typhoon Ruby (Hagupit) at its Co-O gold mine on Mindanao Island.

Now downgraded to a tropical depression, Ruby is heading away from the Philippines to the southwest of the capital, Manila.

The company added it will provide targeted assistance to local communities in affected areas once assessments are available.

Geoff Davis, chief executive, said: “In natural disaster circumstances the company is always prepared to assist those in need, including providing our mine emergency rescue teams when required.”


]]>
Tue, 09 Dec 2014 12:01:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64372/medusa-mining-unaffected-by-typhoon-hagupit-75203.html
<![CDATA[News - Medusa Mining on track to meet half year production guidance ]]> http://www.proactiveinvestors.co.uk/companies/news/64173/medusa-mining-on-track-to-meet-half-year-production-guidance-74985.html Following on from its best quarterly result in three years, Medusa Mining (ASX:MML) is on track to meet its half-year production guidance of 40-45,000 ounces of gold from its Co-O mine in the Philippines.

The update was given by chairman Andrew Teo at today’s annual meeting in Perth.

Investors also heard the current rate of progress “augers well” for full-year guidance of 95-100,000 ounces of the precious metal.

The chairman revealed Medusa’s new mill is “performing well”, although improvements are being “progressively undertaken”.

And he told the meeting: “The current gold price environment has, like most other gold companies, focused our attention on costs and efficiencies, and we expect to improve this progressively.”

 

]]>
Thu, 20 Nov 2014 16:52:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64173/medusa-mining-on-track-to-meet-half-year-production-guidance-74985.html
<![CDATA[News - Medusa Mining unveils two key senior appointments ]]> http://www.proactiveinvestors.co.uk/companies/news/64174/medusa-mining-unveils-two-key-senior-appointments-74986.html Medusa Mining (ASX:MML), owner of the profitable Co-O operation in the Philippines, has made two key senior appointments.

They are Robert Gregory and Gary Powell. 

Gregory been appointed chief operating officer, while the Powell will step down from his role as a non-executive director with the company to become manager responsible for geology and resources.

Gregory is a mining engineering with 26 years’ experience garnered in Australia, Indonesia, Philippines and China. 

“He has worked in both underground and open pit mines, and has held managerial positions in junior and major mining companies,” Medusa said.

Powell, meanwhile, has over 17 years of experience in the Philippines managing exploration programmes from grass roots through to resource delineation and feasibility studies. 

]]>
Wed, 19 Nov 2014 15:58:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64174/medusa-mining-unveils-two-key-senior-appointments-74986.html
<![CDATA[News - Medusa Mining forecasting production rise for half year ]]> http://www.proactiveinvestors.co.uk/companies/news/64177/medusa-mining-forecasting-production-rise-for-half-year-74988.html Medusa Mining (ASX:MML) is forecasting a significant uptick in production from its Co-O Mine in the Philippines.

Providing guidance, it said output for the half-year would be 40-45,000 ounces, rising to 95-100,000 for the 12 months to June 2015.

In the prior year Medusa unearthed just under 60,000 ounces of gold.

The company is factoring in a mill recovery of 92% and a head grade of 5 grams per tonne.

It also said the results of its mine review will be completed later this month.

“Operational efficiencies and cost reductions are being instituted as the review progresses,” said chief executive Geoff Davis.

In the same announcement Medusa said the upgrade to Shaft L8 is scheduled to take place from December 21 and will cost A$1mln. 

It also confirmed the on-site design requirements for the E15 Shaft have been completed. It will take 27-30 months to build with the cost estimated at A$12mln.   


]]>
Mon, 03 Nov 2014 18:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64177/medusa-mining-forecasting-production-rise-for-half-year-74988.html
<![CDATA[News - Medusa Mining expects output of 40-45,000oz gold for half year ]]> http://www.proactiveinvestors.co.uk/companies/news/158948/medusa-mining-expects-output-of-40-45000oz-gold-for-half-year-58396.html Medusa Mining (ASX:MML) repeated its production guidance for the half year to end December this year of 40 - 45,000 ounces of the yellow metal, as it posted a quarterly report.

For the three months to end September, the firm produced 21,018 ounces of gold from the Co-O mine in the Philippines at a head grade 5.02 grams per tonne (g/t) and cash costs of US$382 per ounce.

That's an improvement on the previous three months, which saw output of 17,615 ounces at a cost of US$431 per ounce.

The average gold price received in the latest quarter was US$1,272 compared to US$1,292 in the June quarter.

The mine operated as planned during the quarter, the firm said, adding that the L8 Shaft will be upgraded from December 21 to January 13 next year to improve the mine haulage to approximately 60,000 tonnes per month.

Currently, a comprehensive operations review is in progress focusing on the underground mine. This review will produce a life of mine plan and budget.

Last month, the firm said it was looking forward to an improved production performance in the 2014-15 year.

Most of the building blocks from the group's expansion programme are now in place for the expanded flagship Co-O mine in the Philippines, it said, and the new mill is operating satisfactorily with some additional improvements to come.

Exploration at the mine has focused only on underground drilling, extending and infilling the vein system at depth and across strike.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Thu, 23 Oct 2014 09:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/158948/medusa-mining-expects-output-of-40-45000oz-gold-for-half-year-58396.html