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Medusa Mining ups production guidance as grades improve

Output from the Co-o mine is now forecast at between 85,000-95,000 ounces against 80,000 to 90,000oz

picture of Co-o
The Co-o mine in the Philippines

Philippines-based gold miner Medusa Mining Limited (ASX:MML) has raised its production forecast for the current year though financial guidance is unchanged as a new shaft is taking longer than expected.

Output from the Co-o mine in 2017 is now forecast at between 85,000-95,000 ounces against the 80,000 to 90,000oz previously forecast.

READ: Medusa boosts gold production at Co-O, cuts all-in costs

Cost estimates have also been trimmed to an All-In-Sustaining US$1,000 to US$1,150 per ounce compared to US$1,050 to US$1,200oz.

Medusa said mill feed grades have improved since June as main veins on the lower levels (levels 8-9-10) have been developed ahead of plan. 

READ: Medusa Mining Limited still sees plenty of potential at Co-O

Even so, second-half result estimates are unchanged as they are linked to the completion date of the E15 Service Shaft, which now expected to be in April 2018.  

Quick facts: Medusa Mining

Price: 0.71 AUD

ASX:MML
Market: ASX
Market Cap: $147.53 m
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