Medusa Mining downgrades FY16-17 production guidance

Company News

by Jessica Amir

Medusa Mining Limited (ASX:MML) has revised its production guidance lower for its Philippine affiliate mines.

The gold producer says in light of the recent developments at the Co-O mine it dropped its production guidance from the range of 85,000 to 95,000 ounces of gold, to between 77,000 to 80,000 ounces for the 2017 financial year.

For the March 2017 quarter, gold production returned a higher grade than expected, with production falling short of estimates to 56,897 ounces.

Medusa Mining says the three month result was impacted by higher rainfall, shaft restrictions and absenteeism.

Shares in Medusa Mining Limited (ASX:MML) has last traded 5.26% higher to 40 cents.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.