Medusa Mining (ASX:MML) is looking forward to an improved production performance in the 2014-15 year, it told investors.
Most of the building blocks from the group's expansion program 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.
In the 12 months to end June 2014, Medusa produced 59,904 ounces of gold for the year, compared to 62,243 ounces in the previous year.
The average recovered grade was 4.76 g/t compared to 7.02 g/t gold in 2013.
The average cash cost for the year of US$418 per ounce, was higher than the previous year’s average cash costs of US$313 per ounce mainly due to excess mine manning levels, low mine productivity, treatment of significant amounts of development ore and lower than budgeted mill recoveries.
Revenue came in at US$84.2mln compared to US$100.7mln for the previous year.
The group received an average gold price of US$1,299 per ounce from the sale of 65,943 ounces of gold for the year (2013: 77,488 ounces at US$1,610 per ounce).
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