Medusa Mining managing director and chief executive officer Boyd Timler has commented on a rather disappointing financial year for the Australian operator, known for its high-profile operations in the Philippines.
The company’s financials came out two months ago, revealing that the company had suffered a $US62 million ($79 million) net consolidated loss for the 2016–2017 year. (Loss before income tax expenses was $US54.5 million [$69.4 million].)
This came as a blow to the company following a successful 2015–2016 financial year in which Medusa saw overall profits of $US44 million ($56 million). Timler revealed his thoughts in a recently released annual report for Medusa’s shareholders.
“The last financial year has proved challenging but I firmly believe we are on the right path of continued and sustainable success and on behalf of the Board and all employees, I would like to thank [the shareholders] for [their] continued support,” he said.
The company’s flagship Co-O mine, an underground mine located in Mindanao, the Philippines, recorded an overall ore loss of roughly 20 per cent compared with 2015–2016 figures.