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Medusa confirms 2021 targets

28th August 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Medusa Mining is forecast a production target of between 90 000 oz and 95 000 oz for the 2021 financial year from its Co-O gold mine, in the Philippines.

All-in sustaining costs (AISC) for the 2021 financial year have been targeted at between $1 200/oz and $1 250/oz.

The target compared with the 95 057 oz produced in the 2020 financial year, at an AISC of $1 132/oz.

The company said on Friday that the slight increase in year-on-year AISC had been anticipated, after taking into account the ongoing impact of the Covid-19 restrictions.

The production and cost targets for the 2021 financial year did not include any provision for the construction of the proposed decline at Co-O, which remains on hold until the Covid-19 restrictions are lifted.

The guidance comes just days after Medusa reported a fatality at the Co-O mine, after an employee was electrocuted during an inspection process of submersible pumps at the underground main pump station.

Operations at the mine were not suspended following the fatality.

Edited by Creamer Media Reporter

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