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Business Description: Medusa Mining Ltd (MML) is an Australian based gold producer, focusing on projects in the Philippines. MML‚Äôs flagship project is the Co-O project.
Strategy Analysis: MML's strategy is to become a mid tier 300,000 to 400,000oz per year, low cost gold producer. The Company is currently expanding its high grade Co-O Mine operations to increase its production capacity to 100,000oz per year, and is conducting near mine exploration to assess the possibilities of further expansion to 200,000oz per year.
Medusa Mining reported NPAT up 19% to US$28.6m for the half-year ended 31 December 2012. Revenues from ordinary activities were US$52.36m, up 28% from the same period last year due to a marginal increase in both gold production and a higher average price received on the sale of gold. Basic and Diluted EPS was 0.152 US cents compared to 0.127 US cents last year. Net operating cash flow was US$54.86m compared to US$28.04m last year. No interim dividend was declared, compared with 5.0 AU cents last year. 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.
By Michael McCarthy (chief market strategist, CMC Markets) 19/12/2014 |
Traders and investors caught short heading into the FOMC scrambled for cover in Europe and the US, in many cases driving indices to their best one day performance for 2015.
By Betty Lam (Sales Trader, CMC Markets) 18/12/2014 |
Lead by the Fed-fervour offshore, Australians shares jumped on the Yellen cheer wagon. The material and energy stocks were back in vogue as both sectors gained over 3% in morning trade.
By Michael McCarthy (chief market strategist, CMC Markets) 18/12/2014 |
In spite of a frenzied pre-mortem, a benign statement from the US Federal Reserve‚Äôs Open Market Committee and steadying commodity markets drove investors back into share markets overnight. A calmer, stronger ruble helped offset European growth fears, highlighted in the overnight session by further declines in inflation.
By Betty Lam (Sales Trader, CMC Markets) 11/12/2014 |
Offshore jitters sent ripples through to Australian stocks. The open saw the local equities take 65 points off the index, catalysed by a mass-exit in energy stocks, yet again.
By Ric Spooner (Chief Market Analyst, CMC Markets) 10/12/2014 |
Yesterday‚Äôs news on Greek politics and China‚Äôs bond market came at a time when US and European stock markets have extended rallies and pushed valuations higher. This makes those markets vulnerable to downward corrections as profit takers act to avoid missing out.
BR Securities Australia Pty Ltd 2/12/2014 |
December 2014 could go down as a nasty moment in Australian finance. MYEFO will reveal a deteriorating budget deficit and the UNFCCC meeting in Lima, Peru will provide the agreement, to be ratified in Paris in 2015, on how much (or little) CO2 is to be allowed into the atmosphere from 2020.
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