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.