Medusa Mining reports a record first-half profit

MINE operator Medusa Mining has reported a record first-half net profit of $65.8m (£42.9m).

The figure, for the year to 30 June, is up 131 per cent, boosted by increased gold production and higher prices. Revenue was also up 121 per cent to £94.6m, the company said.

Medusa, which said it remained debt-free, received an average gold price of $1,100 per ounce from the sale of 64,020 ounces.

It had total cash and bullion of $55.8m at the end of the year, up from $26.5m.

Medusa, which is Philippines-based, produced a record 89,679 ounces of gold from its Co-O mine. Its budget for the new fiscal year was for 100,000 ounces at cash costs of around $190 per ounce.

Managing director Geoff Davis said: “The company is in the fortunate position of being a low-cost gold producer in an economic climate where gold is trading near record highs.”