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High production and profits for Medusa

25th February 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Medusa Mining has reported a 51%  increase in revenues and a 65% increase in net profits after tax for the six months ended December, compared with the previous corresponding period.

Gold sales in the first six months of the 2021 financial year increased from 47 449 oz in the previous corresponding period, to 55 471 oz, with the gold price in the same period increasing from $1 484/oz to $1 896/oz.

Revenue for the period under review reached $113.7-million, up from the $57.5-million in the first half of the 2020 financial year, with earnings before interest, taxes, depreciation and amortization increasing from $34.8-million to $69-million in the same period.

Net profits after tax increased from $24.4-million to $40.1-million.

Meanwhile, Medusa reported that all-in sustaining costs (AISC) for the period reduced from $1 147oz to $1 057/oz.

Looking at the full 2021 financial year, Medusa told shareholders that it was on track to produce between 90 000 oz and 95 000 oz of gold from its Co-O mine, in the Philippines, while AISC would reach between $1 200/oz and $1 250/oz.

Edited by Creamer Media Reporter

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