Medusa pulls trigger on new service shaft at Co-O
PERTH (miningweekly.com) – ASX-listed gold miner Medusa has approved a $10-million spend at its Co-O mine, in the Philippines, to develop a service shaft to level 8, about 390 m below the surface.
“The service shaft will greatly improve the efficiency of the Co-O mine with respect to the transport of men and materials, supervision, safety and ore haulage. This is an important step in improving our haulage system for the future,” said Medusa CEO Geoff Davis.
The service shaft would take about 17 months to construct and would have a pay-back period of nearly one-and-a-half years. Surface work has already started, Medusa said.
Davis said on Thursday that the advances in geological understanding of the Co-O vein system had enhanced Medusa’s ability to plan for the future of the mine, as well as to demonstrate the considerable upside beyond the current resource and reserves, which would support a long-life future.
At the end of June last year, the mine had produced about 630 000 oz of gold, and had a resource of 1.4-million ounces.
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