NEWS

By Joshua Peach

• Work at Medusa Mining’s (MML) Co-O Gold Mine in the Philippines is going ahead unaffected despite a recent earthquake in the region
• The 6.1 magnitude quake hit the San Agusan region early on Monday morning
• No injuries have been reported at the mine, but some minor damage was noted on the site’s building structures
• Following the event, Medusa has commenced a full structural review of the site, including both the mill and underground mine structures
• Operations will continue unimpeded during the review, and no changes to the company’s full-year guidance have been revealed
• Medusa Mining closed 0.62 per cent down for 80 cents per share

Work at Medusa Mining’s (MML) Co-O Gold Mine in the Philippines is going ahead unaffected despite a recent earthquake hitting the region.

The 6.1 magnitude quake hit the San Agusan region of the Phillipines early on Monday morning. So far there have no injuries reported at the site, but the company has noted some minor damage to a few building structures.

Following the event, Medusa has commenced a fully structural review of the site, including both the mill and underground mine structures. Nevertheless, operations at the site are going ahead unimpeded, while the review is being put together.

This isn’t the first time this year operations at the Medusa’s have been threatened by an unforeseen event.

Earlier this year operations at the Co-O Gold Mine were halted, after a small outbreak of COVID-19 was discovered amongst the site’s staff. Following a week suspension and a full disinfection of the mine and mill, work started backup at the beginning of this month.

Despite the week closure, the company has maintained its full year 2021 guidance of 90,000 to 95,000 ounces of gold.

With work going ahead unencumbered for now, the recent earthquake seems unlikely to shake the current production outlook.

Commenting on resumption of operations at the start of the month, Chairman and interim CEO Mr Andrew Teo said the recent suspension was the correct decision.

“We believe the risk of the further spread of infection at site (from the cases identified) has now been minimised. Our workforce has performed admirably in the circumstances, with operations running in line as planned upon resumption,” he added.

Medusa Mining closed 0.62 per cent down for 80 cents per share.

Source: The Market Herald