TIDMMML
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: admin@medusamining.com.au
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);
-- Average cash cost for the half-year of US$300 per ounce, was
higher than the previous corresponding period's costs of US$261 per
ounce;
Description Unit Dec 2012 Dec 2011 Variance (%)
------------- -------- --------- --------- --------- ------
Production ounces 32,580 26,780 5,800 21%
------------- -------- --------- --------- --------- ------
Cash costs US$/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 CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016
Dec (Actual) (Actual)
------------- ---------- ---------- ------------ -------- -------- --------
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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