Proactive Investors - Run By Investors For Investors

Medusa Mining Ltd updates on gold production guidance

Medusa Mining Ltd updates on gold production guidance

Medusa Mining Ltd (ASX:MML), which operates the Co-O mine in the Philippines, now expects production for the year of around 108,000 ounces of gold.

That's down from 120- 130,000 ounces after lower than expected output in the first quarter to end March and the results of a new operations review.

For the three months to end March, the miner produced 21,980 ounces at a head grade of 5.47 g/t gold compared to 29,674 ounces in the last quarter (to December 2015).

All in sustaining costs (ASIC) were US$1,033, up from US$950 in the preceding quarter.

Underground drilling to expand the resource kicked off last month from levels eight to 16, but there were initial delays due to rig availability and issues around the chambers.

The firm highlighted that elevated AISC guidance (between US$900 and US$1,000) will persist until all mine medium term waste infrastructure projects are completed.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

View full MML profile View Profile

Medusa Mining Timeline

Related Articles

Nigeria
April 15 2019
Thor has just secured US$54mln in senior debt financing for the development of the Segilola project in Osun state, approximately 120 kilometres north of Lagos
The firm's geology in Bolivia
May 05 2019
The company picked up its flagship Silver Sand project in Bolivia when it bought Alcira for US$40 million two years ago
1556632618_shutterstock_249210421-(1).jpg
May 01 2019
Anglo Asian has built a successful track record of production, and is now ramping up exploration

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use