PMEA Blog

Medusa Mining, the Australian group behind the development of the Co-O gold mine in the Philippines, has posted a record set of interim results including a 200% rise in net profits after tax of US$28.3 million.

Revenues were up by 161% to a record US$41.3 million, mainly on the back of increased gold production and a higher price received on the sale of gold. Medusa received an average gold price of US$1,047 per ounce from the sale of 39,162 ounces of gold during the six months to December 2009 – up from 19,144 ounces at US$812 per ounce during the same period of 2008.

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