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Co-O delivers higher profits for Medusa

24th February 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Medusa has reported a 91% increase in net profit after tax for the six months ended December, on the back of an 83% increase in revenue.

The higher revenue, which reached $62.2-million in the interim period, resulted from an 83% increase on gold production during the period, with Medusa delivering 47 877 oz of gold during the period.

The Co-O mine, in the Philippines, reported increased mill throughput during the interim period, coupled with improved head grades and improved mill recoveries, resulting in 21 788 oz more in production, compared with the previous corresponding period.

The increased revenue allowed Medusa to report earnings before interest, taxes, depreciation and amortisation of $39.9-million, and a net profit after tax of $24.8-million.

For the full year, Medusa said it expected the Co-O mine to produce between 95 000 oz and 100 000 oz of gold, at a cash cost of between $400/oz and $450/oz.

Edited by Creamer Media Reporter

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