Latest mining news : Vedanta Resources, Lonrho, Anglo American, Medusa Mining
Latest mining news : Vedanta Resources, Lonrho, Anglo American, Medusa Mining
2010/07/30 by ukcitymedia.co.uk about : Company Reports - 0 Comments - 341 words
Philippines-focused Medusa Mining has reported that production at its Co-O mine produced 25,012 ounces in the companies second quarter of 2010 and generated US$182 per ounce at an average grade of 13.65g/t grams per ton.
Companies indicated resources for Co-O increased by 4% to 603,000 ounces and inferred resources increased by 36% to 898,000 ounces while Medusa Minings total cash on account and precious metal assets at the end of the quarter totalled around $62m.
Medusa managing director Geoff Davis added that he was pleased with the quarter "Surface stockpiles and broken ore underground augur well for achieving our production targets”
Anglo American has reinstated its dividend as interim results came in only slightly below expectations with revenue of $15.02bn for the six months till end June over $11.13bn previously.
Operating profit doubled to $4.36bn as Anglo American chief executive Cynthia Carroll added a note of caution that “the short term outlook for the world economy has become more uncertain in recent months... medium to long term, we remain confident about prospects with the process of industrialisation and urbanisation in China, India, Brazil and other emerging countries continuing to drive demand for our key commodities."
African-focused conglomerate Lonrho have reported yesterday that turnover in the three months to 30 June rose to £26.66m from £18.51m previously with company reporting earnings of £1.48m after a loss of £2.42m in its third quarter last year while Net assets at the end of June stood at £101.9m.
Indian based Vedanta Resources doubled earnings in its first quarter even though mined metal production came in down slightly on last year as Vedanta indicated that production was impacted by lower grade produce, temporary water shortages and repair and maintenance of one of its mills.
Revenue rose to $2.38bn after $1.36bn in the comparable period last year even though mined metal production was slaightly down at 182,000 from 183,000 last time. Refined zinc production increased 18.7%. Lead production 16.7% lower while Silver production was up 4% from the prior year.
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