Posted in | Gold | Cobalt | Mining Business

Medusa Mining Profits Up as Gold Production Increases

Medusa Mining has reported its full year net profit at a record 131% up at $65.8 million. The Philippines mine operator has seen its revenue increase by 121% to $94.6 million thanks to the increased production and higher sale price for gold. The production boost at its flagship Co-O mine has contributed in a large way to its financial records.

The Co-O mine has produced 603,000 oz of gold in the indicated category increased from 580,000 oz last year. The mine in the Philippines also increased gold reserves to 898,000 oz in the inferred category from 660,000 oz. The global resources of Medusa now increased to 1.5 million ounces and the mine reserve is maintained at 500,000 ounces.

The MD of Medusa Mining Geoff Davis mentioned that the company was in the fortunate position of being a low cost gold producer in an economic climate where gold was trading at record highs. The exploration at Co-O has resulted in new veins being discovered and also extensions to existing veins have been found.

Drilling is also being carried out at The Bananghilig gold deposit, the Lingig copper prospect and the newly discovered Usa copper gold porphyry target.

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