29th Oct 2013 11:41
LONDON (Alliance News) - Medusa Mining Ltd Tuesday said production was down in its third quarter due to issues with the commissioning of its new milling circuit.
The gold producer operating in the Philippines said its production fell to 14,502 ounces for the three months ended September 30 compared with 15,642 ounces the previous quarter.
The company said that commissioning of its new mill has been delayed due to powercell failures which meant a power pack and controller had to be sent back to a workshop for repair.
Medusa said these issues have continued into its fourth quarter. It had said September 4 that a new power pack unit would be supplied to the company within the next 45 days.
The company also said its total cash and cash equivalent in its gold and metal accounts at the end of the quarter equalled roughly USD6.0 million.
Medusa Mining shares were down 3.8% to 128.50 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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