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Additional Information
Market: AIM / ASX / TSX
Sector: General Mining - Gold
EPIC: MML
Latest Price: 413.00p  (2.29% Ascending)
52-week High: 568.00p
52-week Low: 280.00p
Market Cap: 780.17M
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Medusa Mining
www.medusamining.com.au

 

Medusa Mining Limited ("Medusa" or the "Company"), a public company listed on the ASX, AIM and the TSX, is an Australian based gold producer, focused solely on the Philippines

Medusa's corporate strategy is to become a mid-tier, 300,000 to 400,000 ounce per year, low-cost gold producer.

 

 

Full Medusa Mining profile here
Pdf

Medusa Mining's Daniel buys 25,000 shares

8th Sep 2010, 3:51 pm

Medusa Mining (ASX:MML, TSX:MLL, ASX:MML) director Roy Daniel increased his stake in the company by purchasing 25,000 ordinary shares on-market, to increase total securities held to 1,422,006.

A total consideration of AU$111,000 was paid, indicating a buy price of AU$4.44. Based on the current share price the total holding in Medusa is valued at $6.27 million.

Medusa Mining recently proposed changes to its shareholder constitution, to allow it to pay a dividend from the cash-flows generated at the Co-O gold mine.

The company will hold a general meeting on 6th October to propose the ‘special resolution’. The move follows recent changes to the Corporations Act 2001, which introduced a new three-tiered test to permit dividend payments in circumstances other than out of profits.

Subject to approval, the directors are proposing that the company pay an un-franked dividend of A$0.05 per share.

The London, Toronto and Sydney listed company produced 89,679 ounces of gold in the twelve month period ended 30 June 2010 - up an impressive 87% on 2009, while cash costs per ounce of gold fell from $213 per ounce to an ultra-low $184 per ounce, thanks in part to a higher recovered grade during the year of 16.5 grams per tonne gold, compared to 13.3 grams per tonne in 2009.

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
, unhedged 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 firmly in the lowest quartile of gold mines in operations.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

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