PERTH (miningweekly.com) – Gold miner Medusa has maintained its full-year production expectations despite reporting a slight drop in production during the three months to March.
During the quarter under review, the ASX-listed miner produced 23 940 oz of gold from its Co-O mine, in the Philippines, compared with the 26 859 oz produced in the previous quarter.
Medusa told shareholders on Tuesday that the Co-O mine performed according to plan during the quarter, with a ramp-up in production to meet an increased capacity of 1 400 t/d progressing to schedule, with the L8 shaft producing 30 792 t of ore in March.
The ramp-up was expected to continue as new stopes were developed and tramming bottlenecks were resolved.
During the quarter, Medusa’s board approved a $10-million spend to develop a service shaft to level 8 at the Co-O mine.
Meanwhile, the underground mine operated as planned during the period under review, with no significant disruption in mining.
For the full year, Medusa expected to produce between 95 000 oz and 100 000 oz of gold from the Co-O mine.