Medusa Share Discussion Threads

[stevea171] 17/11/2015 21:22

16/11/2015. RNS

Dimensional has notified Medusa it has ceased to be a substantial holder.

[stevea171] 17/11/2015 16:03

Tightfist. I suggest you just send the mail to the admin address as A. Teo is now supposed to have taken over from GD.
How can he be exec FD of one company and exec CEO of another at the same time?
I doubt he has any intention of replying to any of us as he has had plenty of time to do that already.
I take it he is from a Chinese or Phillipine family but educated in WA and all of his working life has been in Auz.

Andrew Boon San Teo.
A commerce graduate (accounting major) from the University of Western Australia, is a member of CPA Australia and a Fellow of the Taxation Institute of Australia. He has 37 years' extensive and diverse experience in accounting, treasury, taxation, legal and business administration, including in the fields of M&A, amongst others. Andrew's experience also spans across several industries, including mining services.

He is currently the CFO/Executive Director of BGC (Australia) Pty Ltd, a vertically integrated private Company involved in manufacturing (building products), construction (residential and commercial), property development, transport, quarrying, civil and mining services, with a turnover in excess of AUD2.5 billion and employs 8000 plus staff Australia wide. Andrew has been with BGC for some 30 years.

[tightfist] 16/11/2015 21:59

Steve,

I emailed admin@medusa... last week asking for Andrew Teo's email address, stating that I wanted to contact him prior to the AGM. Not even that has been responded to.....

Cheers, tiightfist

[stevea171] 16/11/2015 20:36

"Currently we are headed into December, historically always the largest delivery month for COMEX. This at a time when nearly no gold has entered the registered vaults for 50 days running. COMEX holds less than 5 tons of gold while China’s Shanghai exchange is withdrawing 200 tons per month.

Do you see a problem with this?"

[goldminer70] 14/11/2015 09:16

I am nearing the end of a cruise from Sydney to Perth via NZ, with 3 days in Perth next week. As I am a long standing shareholder I sent an EMail to Andrew Teo suggesting we met for a handshake. He has agreed and I meet him next Wednesday.
I do not intend to be controversial, but just to make contact, I might just mention a London listing. Any other comments.
Goldminer70

[augustusgloop] 13/11/2015 21:08

But he couldn't provide an example.

I clearly stated on several occasions that I thought the SHG was fair value.

That may well be seen as trolling by the uber-bulls that post on the BBs.

But it probably would be seen as bullish by real analysts- who as a group are showing no interest in investing at this share price

-------------------

I think SHG is well run.
Unlike MML - which has been run by liars.

[deka1] 13/11/2015 16:49

REDHILL
13 Nov'15 - 08:45 - 20346 of 20352 0 0


augustusgloop

"What have i said that is negative about SHG "


Only just about everything you have ever posted on here !

If you are not short you are just a troll!

LOLOLOLOPLOLOLOL

[chipperfrd] 13/11/2015 13:53

steve,

The presentation you have posted is an older one. The one used at the AGM is not yet on the MML web site.

It can be downloaded here:


Otherwise one needs to find it on the ASX site.

Chip

[tightfist] 13/11/2015 12:07

Steve,

I agree with you on both counts. The transition onwards from GD looks vulnerable to being botched for the second time around, just 24 months later! I just hope it's some brinksmanship negotiation with RG that wasn't concluded in the 11th hour. Otherwise it's difficult to make sense of it all......

There does seem to be a sub-plot regarding Directors’ Remuneration. As far as I am concerned the 15% cut came out-of-the-blue, yet there were still a significant number of abstentions on the AGM motion vote. Maybe this has muddied the water to get RG on-board?

Andrew Teo’s comments about L8 shaft repairs seem out of sync with what is in the public domain. Maybe the presentation fills the gaps. At least this FY production guidance has been reiterated, though it doesn't now seem very demanding.

Cheers, tightfist

[deka1] 13/11/2015 11:52

Steve I don't know of any damage to the L8 being repaired, perhaps he's just got the terminology wrong and he means the work on the de bottleknecking ,

Shaft haulage: Haulage system de-bottle-necking continuing. L8 ore hoisting competing with materials for increasing development at Levels 8, 9 and 10, and waste generation from Service Shaft and ventilation raises

[stevea171] 13/11/2015 10:11

AGM Presentation:

see Chip's post below

[stevea171] 13/11/2015 09:03

Why is Rob Gregory not the automatic choice and his promotion not announced now?
They have had more than 12 months to prepare for this event and yet it seems they were hoping GD would go on for ever. Sit back and relax ....

Andrew Teo supposedly has another job as FD for another company.

"The selection process of the incumbent CEO is in its final stages and an appointment is expected shortly. I have agreed to assume the role of Executive Chairman on an interim basis to ensure continuity until the appointment of a new CEO."

What repairs on the L8 shaft? Is it out of action? For how long?

"advising that gold production in the December 2015 quarter will be slightly lower than the previous quarter due to the repairs on the L8 shaft and also scheduled maintenance over the Christmas holiday break."

[adyfc] 12/11/2015 18:01

I feel sorry for whoever Geoff has passed his poisoned chalice to this time. He stitched PHB up and now some poor guy's gonna get it for inheriting a raped mine again.

[speedsgh] 12/11/2015 13:24

Looks like PHB managed to get a new job -

[deka1] 12/11/2015 10:10

GOODBY GEOFF, and thanks for all the hard work, so 2nd qtr will be around 27kozs , taking the shutdown into account at end of December,and still on the target of 120-130kozs for the year.

[plasybryn] 12/11/2015 10:05

Best wishes Geoff for a long & happy retirement.

[stevea171] 12/11/2015 07:01

CHAIRMAN'S ADDRESS
MEDUSA AGM 2015

Good morning Ladies and Gentlemen,

My name is Andrew Teo, I am the Chairman of Medusa and on behalf of my fellow
Directors, I welcome you to the 12th Annual General Meeting of Medusa Mining Limited.

I would like to start off by congratulating our personnel, particularly in the Philippines, for their efforts in producing 98,359 ounces of gold for the year, which was within the stated production guidance of 95,000 to 100,000 ounces. This has indeed been a great turnaround from the previous year and with sustained effort and dedication, we all know that we can perform even better in the future.

Whilst production in the September 2015 quarter was at a record high, let me temper shareholders’ expectations by advising that gold production in the December 2015 quarter will be slightly lower than the previous quarter due to the repairs on the L8 shaft and also scheduled maintenance over the Christmas holiday break. We however still expect to meet our production guidance of between 120,000 to 130,000 ounces for the year.

The increased gold production in the September 2015 quarter has had a positive effect in reducing All In Sustaining Costs (“AISC”) for the September 2015 quarter to around US$950 per ounce. However, we need to be mindful that until such time as all medium term waste infrastructure projects at the mine are completed and the cost efficiencies they produce materialize, we expect AISC for the remainder of this financial year to range between US$900 to US$1,000 per ounce.

In the longer term, the Service Shaft which is scheduled to be completed in the middle of CY2016 should further improve efficiencies at the mine and when full hoisting capacities are achieved i.e. fully operational, we can expect further reduction in AISC.

At the Bananghilig or B1 Deposit, we are currently finalizing a new resource estimate which will then be subject to preliminary mining studies in CY 2016. Scout drilling is in progress at the promising Guinhalinan prospect.

I am happy to say, that the introduction of new protocols and procedures at the mine, has created a safer working environment and the desired effect of reducing risks and thus a low Lost Time Accident Frequency Rate. The Company remains cognizant that any accident, no matter how small is unacceptable, and will continue its efforts of continuing education for all its employees and contractors.

As outlined in the Sustainability Section of our Annual Report, we are very supportive of our host communities and participate in various social programs involving education, re-afforestation, environmental improvement projects, micro-loans financing and numerous other activities that benefit the communities with which we share common goals of livelihood and sustainability.

You may recall, in early September 2014 the Company’s former Managing Director and Chairman, Mr. Geoff Davis was persuaded out of retirement to re-join the Company on an interim basis as Chief Executive Officer (“CEO”). Well, that interim period is now up and Geoff will be retiring for a 2nd time following the conclusion of this meeting. On behalf of the Board and myself, I take this opportunity to thank Geoff for his enormous contributions, efforts and dedication and wish him all the best in his retirement.

The selection process of the incumbent CEO is in its final stages and an appointment is expected shortly. I have agreed to assume the role of Executive Chairman on an interim basis to ensure continuity until the appointment of a new CEO.

In concluding, special thanks go to all our dedicated employees, contractors, shareholders, my fellow directors and numerous others for their continued support throughout the year.

Let’s all hope for higher gold price next year!!
Thank you.
Andrew Teo
Chairman

[stevea171] 11/11/2015 22:29

Tightfist. You could resend it via email, requesting a response.

I am also hoping for a video presentation from the AGM but this year matters are more routine so it's probably unlikely to happen ....

[tightfist] 11/11/2015 21:16

Hi abacus,

Given the Co-O development plans, AISC downtrend, fundamentals and cash generation MML should not be range-bound. At the risk of provoking other regular posters, I still see potential salvation in dividends..... OK, we know that MML BoD want to build a very healthy cash pile, but after that there will be a choice to be made in 18-24 months: Expand out into other properties or start distributing generated cash, even if the PoG does soften further.

There will soon be sufficient cash generated which if only partly distributed could make an eye-popping yield, which is highly sought after nowadays. Of course, depending on your personal views, a steady stream of buy-backs would not go amiss either, at today's seemingly silly share price

Cheers, tightfist
PS: I wonder if tonight's AGM will shed any light on these topics. I am yet to receive a response to my letter regarding a London AIM listing......

[augustusgloop] 11/11/2015 09:07

No steve - the lies were first made by Geoff Davies then inherited by PHB, who simply continued with them.

[bluelynx] 11/11/2015 08:38

Greg Hunter of USA Watchdog discusses the Comex with Craig

Hemke

[stevea171] 11/11/2015 08:31

Augustus. The lies were down to the previous CEO who was finally sacked in August last year. Since then the new management have been meeting production guidance eg 98k oz for FY to June vs 95-100k oz guidance. And they seem to be on track to meet guidance for the current year as well with their Q1 result.

The proposed relisting is not a full listing as before but on AIM because it is cheaper. Afaiaa the company de-listed voluntarily because traded volume was low cf MML volume on ASX and to save the listing fee following an unfortunate need for a cash raising.

[deka1] 10/11/2015 16:49

His real unemployment numbers are interesting , 22mil ouch !