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Medusa Mining Ltd (MML)

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Thursday 27 February, 2014

Medusa Mining Ltd

Highlights of the Half Yearly Report

RNS Number : 0366B
Medusa Mining Limited
27 February 2014
 



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

 

27 February 2014

 

 

 

 

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 2013, with a Net Profit After Tax ("NPAT") of US$13.0 million.

 

HIGHLIGHTS FOR THE SIX MONTHS TO 31 DECEMBER 2013:

 

Financials

·     Revenues of US$34.0 million compared to US$52.4 million for the corresponding period in the previous year, a decrease of 35% due to decrease in both gold production and a lower average price received on sale of gold;

Medusa is an un-hedged gold producer and received an average gold price of US$1,304 per ounce from the sale of 27,334 ounces of gold for the half-year to December 2013 (corresponding period to December 2012: 43,492 ounces at US$1,676 per ounce);

·     Earnings before interest, tax, depreciation and amortisation ("EBITDA") of US$19.4 million (US$35.3 million in the prior corresponding period); a decrease of 45%;

·     Earnings per share ("EPS") of US$0.067 on a weighted average basis is based on NPAT of US$13.0 million (six months to December 2012: EPS of US$0.152 based on NPAT of US$28.6 million); a decrease of 56%;

·     The Company remains debt free and had total cash, cash equivalent in gold on metal account and bullion on hand of US$20.8 million at 31 December 2013 (corresponding period to 31 December 2012: US$15.8 million).

 

Description

Unit

Dec 2013

Dec 2012

Variance

(%)

Revenues

US$

$34.0 M

$52.4 M

($18.4 M)

(35%)

EBITDA

US$

$19.4 M

$35.3 M

($15.9 M)

(45%)

NPAT

US$

$13.0 M

$28.6 M

($15.6 M)

(55%)

EPS (basic)

US$

$0.067

$0.152

($0.085)

(56%)

 

Operations

·     The Company produced 26,089 ounces of gold for the half-year, compared to 32,580 ounces from the previous corresponding period, at an average recovered grade of 5.07 g/t gold (six months to December 2012: 7.82 g/t gold);

·     Average cash cost for the half-year of US$422 per ounce, was higher than the previous corresponding period's costs of US$300 per ounce;

 

Description

Unit

Dec 2013

Dec 2012

Variance

(%)

Production

ounces

26,089

32,580

(6,491)

(20%)

Cash costs

US$/oz

$422

$300

($122)

(41%)

 

Production Guidance

 

The revised forecast gold production for the fiscal year to 30 June 2014 after taking into account current year to date production of 26,089 is now between 70,000 to 80,000 ounces at anticipated cash costs of US$400 per ounce.

 

The production guidance for FY 2015 is 140,000 to 160,000 ounces and from FY 2016 onwards is 160,000 to 200,000 ounces per annum.

 

Dividends

No dividend will be payable for the current financial year.

 

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


 

 

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 2013 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
 
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