By Vladimir Basov

Medusa Mining reported today that gold production at its Co-O mine in the Philippines for the March quarter 2021 was 18,359 ounces, a 30% decline compared to December quarter 2020.

The company said that March quarter production was basically in line with the company’s expectation which factored in the seasonal holiday period, adverse weather, planned maintenance and further impacted by unexpected Covid-19 movement restrictions.

The reduction in mining activities over the period led to lower ore mined, at 107,080 tonnes, of which 96,476 tonnes were processed, at an average head grade of 6.21 g/t gold. The combination of lower tonnes mined at a lower head grade contributed to increased AISC of US$1,304 per ounce (Dec 2020 Qtr: AISC of US$1,033 per ounce) for the quarter.

Plant throughput for the March quarter was 96,476 dry tonnes at a grade of 6.21 g/t Au. Tonnes processed decreased by 18% compared to the previous quarter (Dec 2020 Qtr: 117,723 dry tonnes at 7.12 g/t gold) due to seasonal labour availability and scheduled maintenance.

Medusa added that year to date production is tracking as planned and the company maintains an unchanged guidance at between 90,000 ounces to 95,000 ounces at an AISC of between US$1,200 to US$1,250 per ounce of gold produced.

Medusa Mining is an un-hedged, high grade gold producer operating in the Philippines. The company is focused on growth in the Asia Pacific Region.

Source: Kitco News