You need the Flash Player version 8.0.0.0 or higher and a JavaScript enabled browser to view this content

Proactive investorsLogo Proactive Investors UK Website

Search field
Get Adobe Flash Player Download
Flash
Player ►

And
Enable
Javascript

1 year chart

digital-look imported chart image

1 day chart

digital-look imported chart image
Additional information
Additional Information
Market: AIM / ASX : TSX
Sector: Gold Mining
Epic: MML
News: Latest news
Web Site: Medusa Mining
Other Articles: 01-09-201031-08-201031-08-2010

RSS - Subscribe to the News Today on Proactive UK ▼

Thursday September 02, 08:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive NA ▼

Friday September 03, 01:02TD Bank posts 29% increase in Q3 profits on strong retail earnings growth

"Our third quarter results really tell the growth story of our retail businesses on both sides of the border, with our total adjusted retail earnings hitting a new high of $1.3 billion, up 21% from last year," said president and CEO Ed Clark.

FULL ARTICLE ►

RSS - Subscribe to the News Today on Proactive CN ▼

Wednesday September 01, 10:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

FULL ARTICLE ►
Medusa Mining

Medusa Mining

Medusa is an expanding gold producer in the Philippines, listed on the Australian Stock Exchange (ASX;MML), London AIM (AIM: MML) and Toronto Stock Exchange (TSX: MLL) markets. With an expanding resource base now at 1.2million ounces at 13.3g/t gold and production on track to achieve 60,000 ounces annualised in Q3 09 and 100,000 ounces annualised early 2010, it is anticipated that long term cash costs will be approximately US$200/ounce. Numerous new discoveries of gold and copper-gold are anticipated in the future within the large regional tenement package totalling 820km². The operations are an integral part of the local communities.

CLICK HERE FOR FULL ANALYSIS OF MEDUSA MINING
Wednesday, February 24, 2010

Medusa Mining reveals record breaking first half, net profit up 201%

company news image

In the six months ended 31 December 2009, Medusa Mining Limited (ASX, AIM: MML, TSX: MLL) achieved new company performance records, reporting half-year net profit of US$28.3m, representing a 201% increase from US$9.4m in the corresponding period a year earlier. Revenues grew by 161% to US$41.3m. The emerging gold miner’s record-breaking performance was driven by both increased gold production, lower costs and higher received gold prices, it said.

Medusa produced a record 39,162 ounces of gold from its Co-O mine in the Philippines during the half-year, representing a 105% increase from the same period in 2008. Production averaged grades of 16.65 grams per tonne (gpt) gold, compared to 12.71gpt in the six months to 31 December 2008. Average cash costs were reduced by 16% to US$189 per ounce during the period, compared to USS$225 in 2008.

"The company has regularly broken its production targets on a quarterly basis and I am extremely pleased with the total of 39,162 ounces for the half year”, Medusa MD Geoffrey Davis commented. “This record production, coupled with a healthy gold price received, has contributed to a record half-yearly net after tax profit figure of US$28.3 million. Furthermore, the very low production costs of around US$190 per ounce should be highlighted”.

For the first half, Medusa achieved 228% earnings growth to US$31.5m, equating to basic earnings per share (EPS) of US$0.16, representing 158% growth compared to the same period previously. Furthermore, the improved revenues and earning have resulted in a substantial improvement to Medusa’s cash position. The company stated that it is currently debt free and had a cash balance of US$35.5 million at 31 December 2009, up 788% from the US$4m at 31 December 2008.

"Remarkably this has all been achieved through a period of intense re-development of the Co-O mine and associated infrastructure, and with the expansion programme now complete, our team can concentrate on optimising current production levels at the Co-O mine”, Davis added.

Medusa said that Phase II of the expansion programme is on schedule, and the program’s incremental benefits are flowing through as evidenced by the record gold production of 39,162 ounces for the last six months. Phase II aims at bringing Co-O’s annualised production to 100,000 ounces.

The company also noted that it has upgraded forecast gold production from 86,000 ounces to 89,000 ounces, at an anticipated average cash cost of US$190 per ounce. Looking ahead, the company said it was also focused on adding new projects, to increase output as Medusa grows into a mid-tier gold producer.

AddThis Feed Button
Register here to be notified of Proactiveinvestors One2One Forums.

Other Medusa Mining articles


Other Medusa Mining news

More news ►

Investors interested in Medusa Mining recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.