Medusa Mining downgrades gold guidance for FY2017

Company News

by Jessica Amir

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.

 

Jessica Amir

Finance News Network
Jessica presents the Market Outlook on Monday and Friday. She joined FNN in January 2017. She has been in broadcast journalism for over five years. She has worked as journalist with Sky News Business, ABC 1 and ABC24. She has also worked in regional Australia for Prime 7 and WIN News. She is also a qualified financial planner and a Masters of Applied Finance student.