Medusa reports solid Sept quarter

15th October 2020 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH ( – Gold miner Medusa has reported a slight increase in production during the three months to September, on the back of higher tonnage and higher ore grades from its Co-O mine, in the Philippines.

Gold production for the quarter under review reached 28 363 oz, up from the 21 947 oz produced in the June quarter, while gold sales increased from 24 024 oz to 27 018 oz in the same period.

All-in sustaining costs in the three months to September declined from $1 116/oz to $1 079/oz, with the fall in all-in sustaining costs (AISC) resulting from the higher head grades reported in the September quarter.

Medusa told shareholders on Thursday that total underground development of 8 887 m was achieved for the quarter under review, which was a 10% increase from the previous quarter, and 7% ahead of the plan.

Looking at the full 2021 financial year, Medusa is expecting gold production to reach between 90 000 oz and 95 000 oz, at an AISC of between $1 200/oz and $1 250/oz.