Medusa warns of possible Co-O mill commissioning delays
PERTH (miningweekly.com) – The share price of gold producer Medusa Mining tumbled by nearly 10% on Friday after the company cast doubts on the timing of its Co-O mill expansion, as the company which manages the expansion has gone into liquidation.
Medusa said in a statement that the ASX-listed Allmine Group, which is the parent company of Arccon, which manages the expansion, has appointed an administrator.
“Medusa is currently uncertain as to the timing and the effects on completion of the finishing touches to the mill and full circuit commissioning as dedicated commissioning personnel were scheduled to mobilise to site immediately,” the miner told shareholders.
It added that the company expected to discuss this with the administrator and that direct communication with the personnel on site was under way to minimise disruption to site activities.
The Co-O mill expansion was approved in November 2010, with the mill expected to produce some 200 000 oz/y of gold, based on the processing of up to 750 000 t/y of ore reserves.
Total capital expenditure for the expansion was targeted at $70-million, with production initially scheduled for either June or July.
Medusa’s shares were trading at a low of A$1.54 a share on Friday, down from a high of A$1.66 a share.
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