Medusa Mining Limited, an Australian based gold producer, met their 2018 fourth quarter guidance despite a slight decrease in their gold production.
Co-O mine in the Philippines under Medusa Mining only produced 23,120 ounces of gold, lower than their previous quarter’s output of 24,177 ounces.
This reduction was attributable to the planned shut down and major maintenance work carried out in the company’s L8 and Agsao shafts during the final quarter of last year.
Aside from keeping their productions in line with their guidelines, Medusa Mining also experienced progress in other aspects of their operations.
Processed ore production was documented to be at 124,623 tons at an average grade of 6.11 grams per ton of gold.
Moreover, the horizontal and vertical development was 11 percent higher than the budget with a total of 6,920 meters completed.
In exploration, on the other hand, the underground resource drilling increased 19 percent from the previous quarter reaching 12,503 meters.
All-in sustaining costs for the quarter was US $1,156 or 2.7 percent up compared the one it followed.
Additionally, total cash and cash equivalent of gold on metal account at the end of the quarter increased to approximately US $ 14.6mln from US $ 11.8mln in the September quarter.
Medusa Mining focus their operations solely in the Philippines. In December 2004, It merged with the privately owned Filipino company Philsaga Mining Corporation which owned the high grade, underground, narrow vein Co-O Gold Mine.
