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Medusa Mining Ltd (MML)

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Wednesday 23 October, 2013

Medusa Mining Ltd

SAG MILL UPDATE

RNS Number : 1811R
Medusa Mining Limited
23 October 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

 

23 October 2013

 

SAG MILL UPDATE

ASX & LSE: MML)

 

 

Medusa Mining Limited ("Medusa" or the "Company"), through its Philippine operating company Philsaga Mining Corporation, wishes to announce the following:

As advised on the 4th September 2013, the Powercells that were used to start the SAG Mill motor failed after commissioning. The Vendor recommended that the Powercells be returned to China for repair and that a new set of Powercells be ordered at the same time as insurance spares.

The timetable given to repair the Powercells was approximately 15 days and to manufacture new Powercells was 45 days. The Company has just received advice from the Vendor that the repaired Powercells would be ready to ship back to the mine site on the 4th November 2013 and the new Powercells would be ready to ship to the mine site on the 30th November 2013.

The repaired Powercells need to clear customs, be transported to site, installed and tested. This is estimated to take two to three weeks.

As a consequence of this delay from the Vendor, the production for the December quarter will be reduced, however it is difficult to quantify this until the SAG mill is operating.

As both mills can be operated at the same time, and to maximise production during the SAG mill commissioning period, the current mill will continue operating until the new mill is running at 2,500 tonnes per day.

 

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


 


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