logo-loader

Medusa Mining produces fewer ounces in September quarter but repeats full year guidance

Last updated: 06:30 02 Nov 2016 AEDT, First published: 17:30 02 Nov 2016 AEDT

Converyors
Medusa's mine is in the Philippines

A drop in grade as expected in the September quarter meant fewer gold ounces were produced from its  Co-O gold mine in the Philippines, said Medusa Mining Ltd (ASX:MML).

The firm produced 21,157 ounces of the yellow metal at an average head grade of 5.26g/t against 25,429 ounces at 6.32g/t in the preceding June quarter.

The drop in grade was expected mostly because of 9% more mine development in the quarter compared to the previous three months.

That saw 4,960 metres of horizontal and vertical mining compared to 4,501 metres in the June quarter.

Production guidance for the full year to June 30, 2017 remains the same, however, at 105,000 to 115,000 ounces, Medusa said.

The miner sold 21,152 ounces in the period, down from 25,519 in the previous three months, while all in sustaining  costs (ASIC) were US$1334 per ounce compared to US$1088 in the June period, impacted by exceptional costs like automation at the mill and costs related to dewatering.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

10 hours, 31 minutes ago