JOHANNESBURG (miningweekly.com) – ASX-listed Medusa Mining has increased the gold production guidance for its Co-O mine, in the Philippines, by between 20% and 30% for the 2015/16 financial year, CEO Geoff Davis announced on Wednesday.
The mine is expected to produce between 120 000 oz and 130 000 oz of gold in the 2015/16 financial year at an all-in sustaining cost of $960/oz to $1 060/oz.
The company increased its production guidance despite the ongoing underground activities associated with the installation of the service shaft to temper production in the forthcoming year. Work on the infrastructure projects started in April this year. Medusa is spending $10-million at Co-O to develop a service shaft to level 8, about 390 m below the surface. The shaft is expected to improve the efficiency of the mine with respect to the transportation of people and materials, supervision, safety and ore haulage.
Medusa also announced a production guidance of between 135 000 oz and 145 000 oz for the 2016/17 financial year.