The upgrade is based on the performance year-to-date of its operation at the Co-O mine in the Philippines.
The company’s initial guidance anticipated production of between 90,000 and 100,000 ounces of gold, at all-in-sustaining-costs of between US$1,050 to US$1,150 per ounce of gold.
AISC is now expected to be at the lower end of the guidance. This revised guidance is based on higher than anticipated mill feed grades and mill throughput in the year to date.
Medusa has also stated that it’s looking at asset diversification.