Gold producer, Medusa Mining Limited (ASX:MML), has downgraded its 2017 financial year production guidance, following lower than expected output.
The miner, which focuses its activities in the Philippines, has lowered its maximum guidance to 95,000 ounces (from an initial guidance of 115,000 ounces).
The company also says it’s increased its all-in-sustaining-costs (AISC) for the same period from a maximum of US$1,100 per ounce to US$1,350 per ounce.
While the company delivered about 21,000 ounces of gold in the September 2016 quarter, it says gold production will fall in December to 17,000 ounces, largely weighed down by mine shaft maintenance.
Medusa Mining posted a net profit $59 million at 30 June 2016.