Medusa ups gold sales by 30%

The Philippines-based Co-O mine has proven a good investment for Medusa. (CC)

Medusa Mining has released its third quarter (Q3) report for 2017 on the ASX, and results are generally positive for the mid-tier gold producer.

Following news of a disappointing financial year, overall gold production was up 4 per cent over second quarter (O2) 2017 figures. 24,896 ounces of gold were mined in Q3 2017 compared to 23,846 ounces in Q2 (ending June 2017), a minor increase overall.

More notably though, compared with this time last year, the company’s gold sales were up by an impressive 30 per cent.

In its Q3 2016 report, Medusa’s gold sales amounted to 21,152 ounces, while its Q3 2017 report sales were 27,602 ounces.

Total cash and cash-equivalent gold at the end of the quarter was $US16.8 million ($21.5 million), a notable increase on second quarter 2017’s result of US$11.5 million ($14.7 million), an increase of 46 per cent over the second quarter of this year, but a 14 per cent decrease compared with figures from this time last year.

The results are encouraging; Medusa is on course to reach its expected 2017–18 financial year aim of 80,000-90,000 ounces.

Overall, over the 10 year history of Medusa’s flagship Co-O mine in the Philippines, cumulative production has increased by 38 times 2008 levels, and overall reserves have increased 1.38 times over 2008 levels.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.