Medusa Mining (LON:MML, ASX:MML, TSX - MLL) expects to move up to the main board of the London Stock Exchange on 28 October 2010.
The plans to move up from the AIM market were initially announced back in April.
On the corporate front it has been a significant few months for Medusa, after it confirmed its maiden dividend just last week. This next milestone will expand the stocks appeal further, with the main LSE listing opening up a broader range of potential investors.
“The company regards the Main Market as an ideal platform to raise the company's profile on a larger scale,” managing director Geoff Davis said in April.
Last week Medusa shareholders approved the proposal to start paying dividends, and on Monday they went ‘ex-Div’.
The company is paying an un-franked A$0.05 per share dividend, which will be paid from operating cash flows rather than its profits.
In a statement Medusa’s managing director Geoff Davis emphasised just how far the company has come since it became a listed company in 2003.
“This is the culmination of nearly seven years of work since listing in December 2003 as a small explorer with a market capitalisation of AU$5 million,” Davis said.
“Based on today's share price in a high gold price environment, the company has a market capitalisation of approximately A$1 billion.”
“This is certainly an achievement of which all stakeholders in Medusa can be proud.”
In August Medusa revealed the impressive full-year performance that paved the way for the maiden dividend.
The multi-listed junior gold miner produced 89,679 ounces of gold in the twelve month period ended 30 June 2010 - up an impressive 87% on 2009.
Cash costs per ounce fell from US$213 per ounce to an ultra-low US$184 per ounce.
The growing production profile and lower cost per ounce helped Medusa lift full year net profit
after tax to US$65.8 million, up 131% on the previous year, while adjusted earnings per share jumped 120% to US$0.412.
Revenues climbed 121% to US$94.6 million thanks to the higher production levels and strong gold price - Medusa received an average price of US$1,100 per ounce from the sale of 64,000 ounces.
Medusa is debt free, un-hedged and ended the period with cash and bullion of US$55.8 million.
Medusa expects to produce 100,000 ounces of gold at cash costs in the region of US$190 per ounce, keeping the Co-0 mine in the Philippines firmly in the lowest quartile of gold mines in operations.