Medusa lowers output guidance at Co-O

This production was lower than the 95 193 oz achieved in the 2021 financial year, when AISC were reported at $1 231/oz.

Medusa said on Tuesday that the guidance for the 2022 financial year continued a consistent period of operational performance from the Co-O operation, in the Philippines, over the last five years.

The marginal increase in AISC for 2022 allows for a general increase in the costs of labour, production and raw materials. The cost guidance does not include any expenditure for the construction of the Tigerway decline and Medusa told shareholders that it was expecting to incur some $15-million on Tigerway in the coming year.

The total cost for Tigerway as reported is estimated to be $54-million.