Co-O mine gold output seen rising by 20%

The CO-O mine in Agusan del Sur expects its gold output in the fiscal year ending on June 30, 2016 to grow by at least 20 percent from year-ago level despite infrastructure works that may hamper production activities.

Medusa Mining said in a statement that an output range of 120,000 to 130,000 ounces had been penciled in for Co-O, which is operated by Medusa affiliate Philsaga Mining Corp.

Over the next few years, Philsaga expects output to be tempered by work related to the shaft as well as related ventilation and connecting levels.

For fiscal year 2014-2015 that ends today, Co-O is expected to have produced between 95,000 and 100,000 ounces of gold—representing growth of 59 percent to 67 percent.

In its fiscal year 2013-2014 that ended June 30, 2014, Co-O produced 59,904 ounces of gold, with the quarterly output of between 11,000 ounces and 18,000 ounces.

In April, Medusa said Co-O produced 23,940 ounces in the quarter ending March 31, jumping 48 percent year-on-year.

Back then, the Australian company said output for January to March was 11 percent lower than the 26,859 ounces recorded in the previous quarter.

As of the nine months that ended March 31, the Co-O mine has produced 71,817 ounces.

In January, Medusa said ore throughput at Co-O was raised to 60,000 tons a month from 45,000 tons.

Through Philsaga, Medusa embarked on a five-year thrust to expand its output to 400,000 ounces of gold per year—half of which will come from Co-O.