Medusa Mining Limited (MML.L) Thursday reported higher earnings for the first half on the back of higher gold production and higher average price received on sale of gold. The company further revised its gold production forecast for the full-year.
For the period, the firm posted net profit of $28.6 million, up from $24 million last year. Basic earnings per share rose to $0.152 from $0.127 last year.
Revenue for the six months stood at $52.4 million, up 28 percent from $40.9 million last year.
The firm produced 32,580 ounces of gold for the half-year, up from 26,780 ounces for the previous corresponding period at an average cash cost of $300 per ounce, higher than last year's costs of $261 per ounce.
Commenting on the production guidance, the firm said, taking into account current year to date production, it now sees gold production for the fiscal year of between 80,000 to 90,000 ounces at anticipated cash costs of $250 per ounce.
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