Posted in | Gold | Earnings

Medusa Mining Reports Earnings and Expansion Plans for Co-O Gold Mine

Medusa Mining has reported that its revenue for last year was down by 47% compared to the previous year. The dually listed company generated $40.9 million last year as compared to $78.3 million in 2010. The shortfall was a result of planned expansion and development of its Co-O gold mine.

The Philippines focused mining company has also announced a production of 25,780 ounces of gold for the first half of the current financial year. The cost of production averaged to $ 261 per ounce of gold and was much higher than the last corresponding period cost of $186 per ounce.

The gold mining company has also made the estimate of a production target of 75,000 ounces of gold this financial year at a production cost of $230 per ounce. The Board of Directors has approved an interim un-franked dividend payment of five cents per share payable to shareholders by 23 March 2012.

Peter Hepburn-Brown, Managing Director of Medusa Mining said that this financial year was a year of transition at the Co-O mine, while expansions to the haulage capacity from underground were completed, and accelerated development was prioritized.

He said that new large-scale haulage in the form of the Saga shaft started in January. Mr Hepburn-Brown also said that the progress had been good and he anticipated that the shaft will be fully operational from 350 m below the surface in the last quarter of this year.

This in turn will help the company increase production by being able to develop more levels and to stockpile ore for a new mill that is expected to be ready to operate in mid 2013. He said that they were confident of achieving their timelines for the Co-O expansion barring interference from the weather.

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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