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Business Description: Medusa Mining Ltd (MML) is a copper and gold production and exploration company with activities concentrated in the Philippines. MML currently focuses on its flagship Co-O Mine and Bananghilig deposit located in Tambis 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.
The Age 18/05/2013 |
As Australia's major retailers increase their online sales channels, pouring millions into their websites, they could face new competition from China's booming e-commerce industry.
The Age 18/05/2013 |
Most of those who take a political approach to the budget assume that if it's in deficit, the way you get it back to surplus is to cut government spending or, if you're a really bad person, increase taxes. They forget it's the budget itself that's supposed to do the heavy lifting.
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