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Medusa Mining Ltd (MML)

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Wednesday 27 February, 2013

Medusa Mining Ltd

Highlights of the Half Yearly Report

RNS Number : 7713Y
Medusa Mining Limited
27 February 2013
 



 


MEDUSA MINING LIMITED

ABN: 60 099 377 849

Unit 7, 11 Preston Street

Como  WA  6152

  PO Box 860

Canning Bridge  WA  6153   

Telephone:  618-9367 0601   

Facsimile:  618-9367 0602

Email:  [email protected]

Internet:  www.medusamining.com.au

 ANNOUNCEMENT

27 February 2013

 

 

 

 

INTERIM FINANCIAL RESULTS

(ASX & LSE: MML)

Medusa Mining Limited ("Medusa" or the "Company"), presents its interim financial results for the six months to 31 December 2012, with a Net Profit After Tax ("NPAT") of US$28.6 million.

HIGHLIGHTS FOR THE SIX MONTHS TO 31 DECEMBER 2012:

Financials

·      Revenues of US$52.4 million compared to US$40.9 million for the corresponding period in the previous year, an increase of 28% due to marginal increase in both gold production and a higher average price received on sale of gold. Medusa is an un-hedged gold producer and received an average gold price of US$1,676 per ounce from the sale of 43,492 ounces of gold for the half-year to December 2012 (corresponding period to December 2011: 25,446 ounces at US$1,655 per ounce);

·      Earnings before interest, tax, depreciation and amortisation ("EBITDA") of US$35.3 million, (US$28.4 million in the prior corresponding period); an increase of 24%.

·      Earnings per share ("EPS") of US$0.152 on a weighted average basis is based on NPAT of US$28.6 million (six months to December 2011: EPS of US$0.127 based on NPAT of US$24.0 million);an increase of 19%.

·      The Company remains debt free and had total cash, cash equivalent in gold on metal account and bullion on hand of US$15.8 million at 31 December 2012 (corresponding period to 31 December 2011: US$80.2 million). 

Description

Unit

Dec 2012

Dec 2011

Variance

(%)

Revenues

US$

$52.4 M

 $40.9 M

$11.5 M

28%

EBITDA

US$

$35.3 M

$28.4 M

$6.9 M

24%

NPAT

US$

$28.6 M

$24.0 M

$4.6 M

19%

EPS (basic)

US$

$0.152

$0.127

$0.025

19%

 



Operations

·      The Company produced 32,580 ounces of gold for the half-year, compared to 26,780 ounces from the previous corresponding period, at an average recovered grade of 7.82 g/t gold (six months to December 2011: 8.10 g/t gold);

Description

Unit

Dec 2012

Dec 2011

Variance

(%)

Production

ounces

32,580

26,780

5,800

21%

Cash costs

US$/oz

$300

$261

($39)

(15%)

Production Guidance

The revised forecast gold production for the fiscal year to 30 June 2013 after taking into account current year to date production of 32,580 is now between 80,000 to 90,000 ounces at anticipated cash costs of US$250 per ounce.

A breakdown of actual and forecasted production ounces in calendar years (CY2011 to CY2016) and financial years (FY2012 to FY2017) is highlighted in Table below.

Calender Years






Jan to Dec

CY 2011 (Actual)

CY 2012 (Actual)

CY 2013

CY 2014

CY 2015

CY 2016

Co-O Mill

77,127

66,395

150-160,000

200,000

200,000

200,000

Bananghilig Mill

-

-

-

-

100,000

200,000

Total

77,127

66,395

150-160,000

200,000

300,000

400,000

Financial Years

Co-O Mill

60,595

80-90,000

200,000

200,000

200,000

200,000

Bananghilig Mill

-

-

-

-

200,000

200,000

Total

60,595

80-90,000

200,000

200,000

400,000

400,000

Preliminary Development Timetable

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/7713Y_-2013-2-27.pdf

 



Dividends

The Board has temporarily suspended the payment of any dividend for the current fiscal year. In the previous half year to 31 December 2011, the Company paid an interim un-franked dividend of A$0.05 per share.

 

 

For further information please contact:

Australia


Medusa Mining Limited

      +61 8 9367 0601

Peter Hepburn-Brown, Managing Director


United Kingdom


SP Angel Corporate Finance LLP (Financial Adviser & Broker)

      +44 (0)20 3463 2260

Ewan Leggat/Laura Littley


 

JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS

Medusa Mining Limited

Information in this report relating to Exploration Results has been reviewed and is based on information compiled by Mr Geoff Davis, who is a member of The Australian Institute of Geoscientists. Mr Davis is the Non-Executive Chairman of Medusa Mining Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a "Competent Person" as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".  Mr Davis consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Cube Consulting Pty Ltd

Information in this report relating to Mineral Resources has been estimated and compiled by Mark Zammit of Cube Consulting Pty Ltd of Perth, Western Australia. Mr Zammit is a member of The Australasian Institute of Mining & Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Zammit consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Carras Mining Pty Ltd

Information in this report relating to Ore Reserves is based on information compiled by Dr Spero Carras of Carras Mining Pty Ltd. Dr Carras is a Fellow of the Australasian Institute of Mining & Metallurgy and has 30 years of experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr Carras consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 

DISCLAIMER

This report contains certain forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements.

Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Medusa, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements.

Actual results, performance or outcomes may differ materially from any projections and forward-looking statements and the assumptions on which those assumptions are based.

You should not place undue reliance on forward-looking statements and neither Medusa nor any of its directors, employees, servants or agents assume any obligation to update such information.

 

 

The complete Half Year Report for December 2012 is available for viewing on our website www.medusamining.com.au


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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