logo
Share SHARE
FONT-SIZE Plus   Neg

Medusa Mining H1 Earnings Rise

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
A California man has filed a lawsuit against McDonald's alleging that the fast food giant is defrauding customers by cramming its mozzarella sticks with filler instead of real cheese. Chris Howe is seeking at least $5 million in damages on behalf of consumers in 42 states and the District of Columbia. The... Jeep, the 4x4 vehicles, which has developed a strong bond with its masters, is aggressively on an expansion mode in its 75th anniversary year. Its fans have always been in love with the famous tag "Go Anywhere, Do Anything." Meat products maker Tyson Foods Inc. (TSN) reported a profit for the first-quarter that increased 49% from last year. It raised its profit outlook for fiscal year 2016 ,but it cut its annual sales guidance.
comments powered by Disqus
Follow RTT