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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.

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Medusa Mining Timeline

March 02 2018

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