Medusa Mining beats gold production plan in the Philippines

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(Kitco News) – Medusa Mining reported today that the company produced 26,075 ounces of gold at its Co-O mine in the Philippines in the quarter ended 31 December 2020, an 8.1% decrease on the previous quarter due to the planned reduced production days over the December holiday period while planned maintenance was undertaken.

Medusa said that the quarter’s gold production was 13% above plan due to higher mined grades which also places year-to-date production ahead of plan.

All-in sustaining costs were US$1,033 per ounce (September 2020 quarter: US$1,079 per ounce).

Production guidance for the Co-O mine for financial year 2021 is expected to be between 90,000 to 95,000 ounces at AISC of between US$1,200 to US$1,250 per ounce of gold produced.

The company added that total cash and cash equivalent on metal account at quarter end increased by approximately 23% to US$79.3 million (September 2020 quarter: US$64.7 million) after creditors, tax, interest charges and working capital movements.

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