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.