TIDMMML
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: admin@medusamining.com.au
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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