Australian miner expanding Philippine project
May 2nd, 2008
Filed under: Mineral - Gold, Operator - Medusa Mining Ltd, Region 13 - Surigao Del Sur
From: business.inquirer.net
MANILA, Philippines–Australian company Medusa Mining said it was on track in a first-phase expansion that would triple by late 2009 its annual output to 60,000 ounces of gold from its Co-O mine in the southern province of Surigao del Sur.
In a report to investors, Medusa said it was producing at 20,000 ounces on annualized basis, and would increase to 40,000 ounces in the second half of 2008 and to 50,000 ounces in the first half of 2009.
The company said it would start in July a second-phase expansion of the Co-O mine to increase production to 100,000 ounces of gold by the first quarter of 2010.
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