viewMedusa Mining

Medusa Mining revenues rise by a quarter as production climbs

Production from the Co-O mine rose to 95,700 ounces in the year to June compared to 80,700oz

gold and dollars
Production rose by almost 19%

Philippines-based Medusa Mining Ltd (ASX:MML) saw annual revenues rise sharply though another heavy impairment charge kept the gold miner in the red.

Production from the Co-O mine rose to 95,700 ounces in the year to June compared to 80,700oz, which helped turnover rise 24% to US$124.6mln.

READ: Medusa Mining appoints Andrew Teo as interim chief executive officer

Average cash costs were US$562 per ounce, inclusive of royalties and local business taxes compared to US$595 per ounce in the previous year.

All in Sustaining Costs (AISC) for the year were US$1,083 per oz (2017: US$1,374oz).

Impairment charges of US$81.1mln (US$70.8mln), however, meant a loss of US$25.3mln (US$29.8mln).

In July, Medusa signed an earn-in agreement with Ellenkay Gold on two exploration projects in Central Queensland, Australia.

These projects have drill ready targets to be tested in the next quarter, said the junior.

Hill 212 (EPM 26217) is an epithermal gold-silver opportunity approximately 30 kilometres east of Mt Coolon, while Mt Clark West (EPM 26008) is a porphyry copper-gold opportunity approximately 24 kilometres northwest of Nebo.

The earn-in requires Medusa to manage and fund exploration programs through to completion of a Pre-Feasibility Study and spend A$1mln on both projects.

Quick facts: Medusa Mining

Price: 0.71 AUD

Market: ASX
Market Cap: $147.53 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Condor Gold: Proactive analyst on site at La India project in Nicaragua

Proactive's Mining Analyst Dr Ryan Long updates on his site visit to Condor Gold’s (LON:CNR) 100%-owned La India Gold Project, located within the Leon Region of Nicaragua. The project covers the majority of the La India Gold District -  an impressive ground holding that Condor has put...

2 hours, 39 minutes ago

2 min read