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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Medusa Mining | LSE:MML | London | Ordinary Share | AU000000MML0 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 97.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jul 2019 to Jul 2024
TIDMMML
RNS Number : 7709Y
Medusa Mining Limited
27 February 2013
MEDUSA MINING LIMITED
ABN 60 099 377 849
and Controlled Entities
HALF-YEAR FINANCIAL REPORT
31 DECEMBER 2012
This report should be read in conjunction with Medusa's Annual Report for the year ended 30 June 2012 and any announcements made by the Company during the interim reporting period, as it does not include all the notes of the type normally included in an annual financial report.
Appendix 4D
Half year report
For the 6 months ended 31 December 2012
Hot Features
Premium
Name of entity
MEDUSA MINING LIMITED
--------------------------
ABN or equivalent Half yearly Preliminary Half year/ financial ended
company reference (tick) final (tick) ("current period")
60 099 377 849 31 December 2012
------------------- ----------- ------------- --------------------------
Results for announcement to the market
Revenues and profits: US$'000 US$'000
Revenues from ordinary activities up 28% 11,455 to 52,363
Profit from ordinary activities after
tax attributable to members up 19% 4,611 to 28,598
Net profit for the period attributable
to members up 19% 4,611 to 28,598
(All comparisons to the previous period ended 31 December 2011)
----------------------------------------------------------------------------------------------------------------
Dividends:
Interim dividend Amount per Franked amount per security
security
Nil Nil
* current period (half year ended 31 Dec 2012) A$0.05 Nil
* previous period (half year ended 31 Dec 2011)
No dividend will be paid in the current period.
Net tangible assets per share:
The net tangible assets per share as at 31 Dec 2012 was US$1.854
(31 Dec 2011: US$ 1.536)
Change in control of entities:
There has been no change in control, either gained or loss during
the current period.
Associates and Joint Venture entities:
The Consolidated Group did not have a holding in any associates
or joint venture entities during the current period.
----------------------------------------------------------------------------------------------------------------
MANAGING DIRECTOR'S ADDRESS
I am pleased to report that the "game-changer" Saga Shaft is pulling rock from 350 metres below surface at Level 8 at increasing amounts as we push development laterally along veins and across the strike of the veins to expose as many veins as possible. Our interpretations show that the cross-cuts to the south from the bottom of the Saga Shaft should intersect 11 veins which will provide multiple headings from which to start drawing development ore. The cross-cutting is co-ordinated with two advancing ore passes using Alimak rises from Level 8 to Level 6, in addition to the completed winzed ore pass from Level 5 down to Level 8. These ore passes allow ore to be fed down to Level 8 and hauled up the Saga Shaft which is much more efficient than the older inclined shafts. This development changes the whole concept of the mine and over time will enable new efficiencies to be achieved.
The Baguio Shaft was refurbished and its capacity increased in July-August 2012 and now its depth is being extended from Level 3 to Level 5 to access additional ore and to reduce double ore handling. The next step will be to extend the Agsao Shaft from Level 5 to Level 8 which will be undertaken when Level 8 is fully operational.
The planning of a new deep shaft that I mentioned in my half year report last year has been postponed until later as re-configuring the haulage through deepening the inclined shafts and the success of our exploration has reduced the immediate need for the new deep shaft.
Exploration success has seen the resources for Co-O pass 2 million ounces for the first time. We aim to increase this to and maintain approximately 2.5 million ounces. As the conversion of Inferred Resources to Indicated Resources to Reserves through underground development averages 80%, we will aim to maintain a rolling 2 million ounces (from 2.5 million ounces) or 10 years of potential mineable material, including the current reserves.
Mill construction is on schedule and as at 31 January the new leach tank, installation of the crusher and the all the concrete foundations for the SAG mill were completed. The thickener upgrade and the detoxification plant are scheduled to be completed in February and the SAG mill lifted on to its foundations.
Complementary infrastructure construction completed includes a new senior staff accommodation building at the mine, a new central administration and combined accommodation building at the mill, a new geology office and combined accommodation, and a new central core farm. Planned infrastructure in progress includes new junior staff quarters at the mill, a new maintenance workshop for trucks and heavy equipment, expansion of the mine-and-mill laboratory and the construction of a new laboratory specifically for exploration samples. Planning for additional tailings storage facilities is also in progress.
The difficulties of combining expansion and production from an old mill have continued, however we are confident we will achieve our timelines for the Co-O expansion.
The Bananghilig Deposit has continued to progress well with the publication in January of the first Indicated Resource of 608,000 ounces with the balance of 472,000 ounces still in the Inferred category. An additional 14 holes are in progress to convert the Inferred ounces to additional Indicated ounces. The current Indicated Resource will undergo pit optimisation studies and reserve estimations as the basis for a feasibility study to produce 200,000 ounces per year.
Our Co-O Mill expansion is on schedule, the Saga Shaft is in operation, and the Bananghilig Project is developing its own life in accordance with our initial aims and expectations. All this would not be possible without the dedication of our own staff, contractors, consultants and construction supervisors and contractors. We continue to expand our community activities and maintain a safe working environment for the benefit of all our stakeholders.
DIRECTORS' REPORT
The Directors present their report together with the consolidated financial report for the half-year ended 31 December 2012 and the review report thereon:
DIRECTORS:
The Directors of the Company at any time during or since the end of the half-year are:
Name Period of Directorship
Non-Executives:
Mr Geoffrey J Davis (Chairman) Director since February 2002
Dr Robert M Weinberg Director since July 2006
Mr Andrew Boon San Teo Director since February 2010
Mr Ciceron A Angeles Director since 28 June 2011
Mr Gary Powell Appointed 24 January 2013
Executives:
Mr Peter Hepburn-Brown (Managing Director) Director since September 2009
Attorney Raul C Villanueva (Executive Appointed 24 January 2013
Director)
HIGHLIGHTS FOR THE SIX MONTHS:
Financials
Description Unit Dec 2012 Dec 2011 Variance (%) Revenues* US$ $52.4 M $40.9 M $11.5 M 28% EBITDA US$ $35.3 M $28.4 M $6.9 M 24% NPAT US$ $28.6 M $24.0 M $4.6 M 19% EPS (basic) US$ $0.152 $0.127 $0.025 19%
Revenues of US$52.4 million compared to US$40.9 million for the corresponding period in the previous year, an increase of 28% due to marginal increase in both gold production and a higher average price received on sale of gold. Medusa is an un-hedged gold producer and received an average gold price of US$1,676 per ounce from the sale of 43,492 ounces of gold for the half-year to December 2012 (corresponding period to December 2011: 25,446 ounces at US$1,655 per ounce);
Earnings before interest, tax, depreciation and amortisation ("EBITDA") of US$35.3 million, (US$28.4 million in the prior corresponding period); an increase of 24%.
Earnings per share ("EPS") of US$0.152 on a weighted average basis is based on NPAT of US$28.6 million (six months to December 2011: EPS of US$0.127 based on NPAT of US$24.0 million); an increase of 19%.
The Company remains debt free and had total cash, cash equivalent in gold on metal account and bullion on hand of US$15.8 million at 31 December 2012 (corresponding period to 31 December 2011: US$80.2 million).
Dividends
The Board has temporarily suspended the payment of any dividend for the current fiscal year. In the previous half year to 31 December 2011, the Company paid an interim un-franked dividend of A$0.05 per share.
Operations
Description Unit Dec 2012 Dec 2011 Variance (%) Production ounces 32,580 26,780 5,800 21% Cash costs US$/oz $300 $261 ($39) (15%) Gold price received US$/oz $1,676 $1,655 $21 1%
The Company produced 32,580 ounces of gold for the half-year, compared to 26,780 ounces from the previous corresponding period, at an average recovered grade of 7.82 g/t gold (six months to December 2011: 8.10 g/t gold);
Average cash cost for the half-year of US$300 per ounce, was higher than the previous corresponding period's costs of US$261 per ounce;
Production Guidance
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.
A breakdown of actual and forecasted production ounces in calendar years (CY2011 to CY2016) and financial years (FY2012 to FY2017) is highlighted in tables below.
CALENDER YEARS
Jan to CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 Dec (Actual) (Actual) Co-O Mill 77,127 66,395 150-160,000 200,000 200,000 200,000 Bananghilig Mill - - - - 100,000 200,000 Total 77,127 66,395 150-160,000 200,000 300,000 400,000
FINANCIAL YEARS
Jul to FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Jun (Actual) Co-O Mill 75,000 80-90,000 200,000 200,000 200,000 200,000 Bananghilig Mill - - - - 200,000 200,000 Total 75,000 80-90,000 200,000 200,000 400,000 400,000
OPERATIONS OVERVIEW
The locations of the Company's projects are shown on Figures 1 and 2 (please see link at the end of this announcement).
EXECUTIVE ORDER ON MINING IN THE PHILIPPINES
The new legislation on mining taxes and royalties is yet to be finalised by Congress
PRELIMINARY DEVELOPMENT TIMETABLE
To view the Preliminary Development Timetable, please see link at the end of this announcement.
MINERAL RESOURCES and ORE RESERVES
Following the estimation of the Indicated Resource for the Bananghilig Deposit, Table I shows the Company's Mineral Resources and Ore Reserves:
Table I. Mineral Resources and Ore Reserves
Deposit Category Tonnes Grade Ounces
g/t gold gold
RESOURCES
Co-O Resources Indicated 1,890,000 11.80 715,000
Inferred 4,325,000 9.40 1,304,000
Indicated &
Total Co-O Resources Inferred 6,215,000 10.10 2,019,000
Bananghilig Resources Indicated 11,900,000 1.59 608,000
Inferred 9,000,000 1.62 472,000
Total Bananghilig Indicated &
Resources Inferred 20,900,000 1.60 1,080,000
Indicated &
TOTAL RESOURCES Inferred 27,115,000 3.55 3,099,000
Total Indicated
Resources 13,790,000 2.99 1,323,000
Total Inferred Resources 13,325,000 4.15 1,776,000
RESERVES
Co-O RESERVES Probable 1,820,000 9.70 568,000
Note:
(i) Resources include reserves
(ii) Co-O Mine ressources lower cut 3g/t gold, various upper cuts
(iii) Banaghilig Deposit lower cut 0.8g/t gold, various upper cuts
GOLD PRODUCTION
The production statistics for the six months to 31 December 2012 with comparatives for the December 2011 half year are summarised in Table II.
Table II. Gold production statistics
Description Unit Half-year Half-year Variance (%)
ended 31 ended 31
Dec 2012 Dec 2011
Tonnes mined WMT 160,095 113,468 46,627 41%
Ore milled DMT 143,808 110,160 33,648 30%
Recovered grade gpt 7.82 8.10 (6.18) (4%)
Recovery % 90% 93% (1%) (3%)
Gold produced ounces 32,580 26,780 5,800 21%
Cash costs (1) US$ $300 $261 ($75) (15%)
Gold sold ounces 43,492 25,446 18,046 71%
Average gold price
received US$ $1,676 $1,655 $21 1%
Note:
(1) Net of development costs and includes royalties and local business taxes but no by-product credits.
Gold production for the six months to 31 December 2012 was 32,580 ounces of gold at an average grade of 7.82 g/t gold was marginally above last year's production of 26,780 ounces of gold at recovered grades averaging 8.10 g/t gold.
The average cash costs of US$300 per ounce, inclusive of royalties and local business taxes is higher than the previous period's average cash costs of US$261 per ounce.
Medusa, an un-hedged gold producer, sold 43,492 ounces of gold at an average price of US$1,676 per ounce during the period (corresponding period last year 25,446 at average price received of US$1,655 per ounce).
The revised production guidance for the fiscal year to 30 June 2013, following production of 32,580 ounces of gold for the half year to December 2012 is now between 80,000 to 90,000 ounces at anticipated cash costs of US$250 per ounce.
A breakdown of actual and forecasted production ounces in calendar years (CY2011 to CY2016) and financial years (FY2012 to FY2017) is highlighted in the tables below.
CALENDER YEARS
Jan to CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY 2016 Dec (Actual) (Actual) Co-O Mill 77,127 66,395 150-160,000 200,000 200,000 200,000 Bananghilig Mill - - - - 100,000 200,000 Total 77,127 66,395 150-160,000 200,000 300,000 400,000
FINANCIAL YEARS
Jul to FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Jun (Actual) Co-O Mill 75,000 80-90,000 200,000 200,000 200,000 200,000 Bananghilig Mill - - - - 200,000 200,000 Total 75,000 80-90,000 200,000 200,000 400,000 400,000
Co-O MINE and MILL
Mine
Mine development and expansion achievements include
-- The commissioning of the 1,500 tonne per day Saga Shaft (Photo 1) has been completed and haulage is now underway from Level 8 (350 metres below surface). The current mine combined shaft haulage capacity has now been boosted to 2,500 tonnes per day but the current mill capacity remains at approximately 1,000 tonnes per day until the new mill is completed;
-- The first ore-pass from Level 6 to Level 8 has been completed by winzing, and two others are underway using Alimaks;
-- The repair and upgrade of the Baguio Shaft was completed in the September quarter following a fire in July;
-- Development is increasing from approximately 800 metres per month to >1,000 metres per month and will continue for the foreseeable future, resulting in a higher percentage of development ore in the mill feed to current mill.
Please see link at the end of this announcement to view Photo 1: Completed Saga Shaft headframe.
Mill
The current mill has continued to operate normally. Production for the financial year 2013 has been revised to 80,000 to 90,000 ounces. Updated planning and scheduling for the tie-in of the new mill to the existing facilities in the June quarter indicates that the tie-in period will take longer than the original time frame estimated, before construction commenced, of 2 to 3 weeks. This will result in reduced milling time due to interruptions and has been taken into account when re-estimating production guidance for the remainder of financial year 2013.
In November 2010 the Company approved the construction of a new mill with the capacity of 200,000 ounces per year. The status of the construction activities as at 30 January 2013:
-- conversion of the leaching circuit from Carbon-in-Pulp to Carbon-in-Leach to be completed in February;
-- crusher installed (Photo 2);
-- pipe racks for piping slurry from the SAG mill to the leaching circuit are advancing (Photo 3):
-- SAG mill installation on schedule; -- de-toxification plant steel work advanced and to be completed in February; -- upgrading of thickener to be completed in February; -- installation of electrical supply systems to the mill is on schedule.
Photo 2 (please see link at the end of this announcement) shows the installed crusher on the right and emergency feed station on the left. The SAG mill foundations are behind the 150 tonne crane which will be used to lift the SAG mill components onto the concrete foundations.
Photo 3 (please see link at the end of this announcement) shows the pipe rack construction from SAG mill to leaching circuit on the left with the emergency feed station on the right.
Tailings Storage
Planning for tailings storage facility number 6 is in progress.
Health and Safety
Lost time accident frequency rate (LTAFR) for the six months to 31 December 2012 is 0.9 including exploration. There were no breaches of any of the project's operating regulations during the period.
Co-O RESOURCES AND RESERVES
On 6 August 2012 the Company announced the mineral resources as shown in Table III.
Table III. Mineral Resource estimation as at 30 June 2012
Category >= 3 g/t gold
tonnes g/t gold ounces
Indicated
Resources 1,890,000 11.8 715,000
Inferred Resources 4,325,000 9.4 1,304,000
TOTAL RESOURCES 6,215,000 10.1 2,019,000
The resource estimations were undertaken by Cube Consulting Pty Ltd (2012)
Notes:
(i) Various uppercuts have been applied on an individual vein basis; and
(ii) Resources are inclusive of reserves.
On 24 August 2012 the Company announced the mineral reserve as shown in Table IV.
Table IV. MineralReserve estimation as at 30 June 2012
Category >= 3 g/t gold
tonnes g/t gold ounces
Probable Reserves 1,820,000 9.7 568,000
The reserve estimation was undertaken by Carras Mining Pty Ltd (2012)
Vein modelling
Cube Consulting Pty Ltd of Perth, Western Australia was contracted to undertake the resource estimations. A wireframe model of the vein system and the mine depletions were based on all available information as at 30 June 2012. A 2D longitudinal modelling approach was used and is based on an accumulation variable incorporating mineralised vein horizontal width and intercept grade. Variography was used to analyse the spatial continuity of the horizontal width and accumulation variables within the mineralised veins and to determine appropriate estimation inputs to the interpolation process. The accumulation variables were interpolated into blocks using Ordinary Kriging. High grade limits were applied to gold prior to the calculation of the accumulation variable. Mineral resources have been reported in accordance with The 2004 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code) and Canadian National Instrument 43-101.
Co-O RESOURCE DRILLING
Diamond drilling has continued since the last resource model update announced on 8 August 2012 and has focused on extending the Co-O Vein system along the eastern and western sides of the resource model. Results from a total of 52 surface drill holes for 35,989 metres and 40 underground drill holes for 8,147 metres have been completed since the resource estimation.
Tables V and VI summarise the intersections >= 0.5 metres at >= 3 g/t gold from the announcement of 21 February 2013 which contains more detailed assay information and maps showing the location of these drill holes.
Table V. Surface drill hole results >=0.5 g/t gold at >=3.0 metres downhole for previously completed holes designated
Hole East North End of Dip Azimuth From Width Grade
number hole (deg) (deg) (metres) (metres) (uncut)
(metres) (g/t gold)
EXP 163 614842 913100 800.10 -55 180 764.15 1.45 3.13*
771.45 0.85 11.14*
EXP 170 613251 913109 501.10 -50 180 127.10 1.00 3.26*
EXP 172 614711 913081 994.60 -64 180 364.30 1.00 4.55*
745.90 1.00 4.82*
897.80 1.35 8.31*
917.55 2.00 4.59*
EXP 173 614798 913152 800.00 -60 180 309.50 0.80 3.31*
429.60 2.45 6.83*
510.50 1.00 4.60*
540.10 0.50 20.10*
EXP 174 614898 913255 707.10 -62 180 447.20 1.50 9.31*
512.80 6.40 4.72*
558.60 0.50 11.15*
EXP 175 614545 913270 1,004.10 -63 180 222.15 1.05 4.67*
450.60 1.20 5.29*
593.35 1.45 21.97*
654.45 1.65 3.34*
EXP 176 613331 913150 551.10 -61 180 184.40 1.25 4.35*
EXP 177 614756 913168 809.10 -60 180 323.55 0.95 4.78*
395.50 1.30 4.04*
406.50 3.70 3.27*
416.15 1.00 6.33*
426.05 2.55 10.85*
431.60 2.60 5.62*
516.35 1.50 3.59*
EXP 178 614733 913224 815.10 -60 180 454.00 1.70 30.25*
494.55 0.50 5.23*
506.30 1.00 10.50*
510.60 0.60 30.07*
531.20 4.30 4.86*
EXP 181 613555 913087 92.60 -50 180 71.40 0.60 4.03*
79.70 1.00 3.47*
Hole East North End Dip Azimuth From Width Grade (uncut)
number of hole (deg) (deg) (metres) (metres) (g/t gold)
(metres)
EXP 184 613451 913197 716.10 -50 180 92.80 1.20 3.68*
EXP 191 614600 913386 983.10 -55 180 929.20 2.60 6.83*
EXP 192 614552 913376 989.10 -62 180 106.40 4.00 16.26*
EXP 194 613450 913197 935.10 -60 180 582.60 0.60 4.55*
639.60 6.00 3.55*
824.45 1.00 13.98*
EXP 195 614695 913409 1,100.10 -57 180 153.60 2.00 3.98*
346.55 1.25 6.37*
349.80 2.00 3.75*
429.60 1.00 5.70*
586.10 1.00 5.93*
608.10 1.20 4.90*
EXP 197 613560 913094 101.70 -50 180 19.00 1.70 13.21*
99.40 1.20 3.11*
EXP 199 613561 913098 101.90 -50 180 97.95 2.75 5.69*
EXP 201 614948 913350 863.10 -51 180 530.35 0.85 7.49*
609.95 2.15 4.01*
677.80 1.30 10.75*
EXP 204 614901 913407 803.10 -57 180 630.25 1.00 6.80*
EXP 206 613701 913346 878.10 -51 180 847.60 2.05 3.13*
EXP 211 615098 913402 668.10 -50 180 604.05 1.40 3.98*
EXP 219 614840 913421 1,066.10 -45 180 593.15 1.20 10.96*
EXP 222 613551 913306 908.10 -50 180 131.30 3.40 19.81*
803.65 0.60 19.60*
805.70 4.40 4.15*
Notes:
(i) Intersection widths are downhole drill widths not true widths;
(ii) Assays denoted by (*) are by Philsaga Mining Corporation's laboratory;
(iii) Grid coordinates based on the Philippine Reference System 92.
Table VI. Underground drill hole results > 3 g/t gold and > 0.5 metres downhole for new holes and previously completed holes designated
Hole East North End Dip Azimuth From Width Grade
number of hole (deg) (deg) (metres) (metres) (uncut)
(metres) (g/t gold)
LEVEL
1
L1-69W-015 613284 912929 111.20 3 214 61.40 0.20 10.08*
LEVEL
2
L2-2E-002 614001 912884 102.90 3 169 18.90 1.20 4.46*
L2-2E-005 614002 912890 93.10 3 11 66.90 0.70 17.83*
L2-2E-006 614003 912889 110.40 3 42 16.00 0.50 178.15*
57.60 0.50 5.47*
L2-10W-002 613919 913145 92.40 3 294 64.00 0.90 4.55*
LEVEL
5
L5-20W-008 613919 913145 92.40 3 328 2.00 1.00 8.87*
150.85 2.75 14.94*
L5-20W-009 613762 912854 356.80 -32 152 2.40 1.30 12.59*
213.20 0.30 9.27*
L5-20W-010 613763 912854 353.30 -30 148 2.20 2.30 12.36*
131.80 0.30 3.67*
227.35 0.45 3.53*
L5-20W-011 613763 912854 326.50 -50 140 3.30 1.60 5.92*
107.50 0.50 19.3*
112.45 2.80 3.39*
170.20 0.30 3.36*
212.45 3.80 7.13*
Hole number East North End Dip Azimuth From Width Grade (uncut)
of hole (deg) (deg) (metres) (metres) (g/t gold)
(metres)
LEVEL
5
L5-35W-107 613608 912813 294.50 0 134 1.23 0.37 6.10*
30.52 0.33 15.20*
54.85 0.20 88.40*
62.50 0.25 20.99*
L5-42E-016 614380 912691 435.10 -23 324 125.30 0.30 3.08*
179.25 0.50 7.17*
185.25 1.00 3.13*
L5-42E-017 614381 912691 404.80 -32 332 18.60 0.30 16.07*
139.55 1.30 27.62*
156.00 0.20 7.33*
159.90 0.50 8.28*
187.50 3.50 3.89*
197.60 1.20 16.55*
341.80 2.00 12.15*
L5-42E-018 614382 912691 378.00 -23 359 84.90 0.55 8.30*
109.60 1.90 7.94*
243.40 1.15 4.72*
271.60 3.00 19.08*
L5-42E-019 614383 912691 401.60 -23 14 93.10 1.55 6.41*
356.00 3.80 11.75*
L5-42E-020 614384 912691 376.50 -23 26 88.20 0.50 32.93*
126.90 0.20 7.12*
136.65 0.95 8.17*
253.30 0.30 10.90*
293.50 0.50 13.03*
L5-42E-021 614385 912690 399.40 -23 29 38.80 0.40 3.22*
60.10 0.40 20.40*
87.00 0.40 8.60*
131.10 1.20 749.88*
161.65 2.25 12.74*
278.55 3.65 11.33*
295.20 0.80 4.72*
L5-42E-022 614377 912690 404.40 -43 305 147.60 1.40 13.19*
156.00 1.00 4.55*
179.05 1.00 4.04*
228.00 2.30 19.25*
L5-42E-023 614378 912690 428.00 -43 309 412.55 0.35 5.63*
L5-42E-024 614379 912691 425.40 -43 316 38.30 0.40 28.10*
143.95 0.70 3.36*
186.60 0.30 5.00*
L5-42E-025 614380 912691 379.00 -43 328 32.60 0.40 20.07*
75.35 0.75 12.56*
LEVEL
6
L6-13E-001 614187 912929 121.20 3 28 33.80 1.00 10.70*
69.15 0.35 3.73*
88.00 0.60 4.64*
L6-23E-033 614207 912726 110.80 0 225 8.40 4.80 26.28*
L6-23E-034 614213 912726 111.00 0 113 20.50 0.20 97.23*
Notes:
(i) Intersection widths are downhole drill widths not true widths;
(ii) Assays denoted by (*) are by Philsaga Mining Corporation's laboratory;
(iii) Grid co-ordinates based on the Philippine Reference System 92.
TAMBIS-BAROBO AREA
BACKGROUND
The Tambis Project, containing the Bananghilig Gold Deposit as shown on Figures 1 and 2, is operated under a Mining Agreement with Philex Gold Philippines Inc. over Mineral Production Sharing Agreement ("MPSA") 344-2010-XIII which covers 6,262 hectares.
The area has been known as an alluvial gold producing area since Spanish times. The first modern exploration pre-Medusa group was conducted in the 1970s followed by further work in the 1990s. The Company commenced a concerted drilling programme in July 2010 with the aim of extending the initial Inferred Resource of 650,000 ounces to provide a reserve of approximately one million ounces. This reserve would form the basis for a feasibility study which would target production of 200,000 ounces of gold per year from a new milling facility.
The Bananghilig Deposit detailed geological and mineralisation descriptions are contained in the announcement dated 12 September 2011, and additional drilling results are contained in the announcements dated 17 January 2012, 8 August 2012 and 21 November 2012. As there are a large number of intersections reported in these announcements, they have not been repeated in this half yearly report.
REGIONAL GEOLOGICAL SETTING
The Tambis regional geology, termed the Tambis intrusive-breccia complex, typifies a structurally complex intermediate-sulphidation, epithermal gold, breccia-type system, including disseminated gold overprinting the host Tertiary-age igneous package which had been emplaced into an andesitic volcanic basement. The fertile igneous suite comprises a multi-phase calc-alkaline, high level, sub-volcanic intrusive package cut by extensive bodies of phreatomagmatic diatremes and hydrothermal breccias.
Laboratory studies including fluid inclusions have indicated that the Tambis area epithermal mineralisation is only shallowly eroded with an estimated 500 to 950 metres of material stripped from the original surface.
The Tambis intrusive-breccia complex is overlain to the south and east by younger marine limestones and basal mudstones. The extent of the complex below this younger cover is yet to be determined.
To date most of the mineralisation has been identified within or around the margins of the Bananghilig Diatreme.
Exploration
Drilling commenced in July 2010 with seven surface rigs and continued through until October 2012 when infill drilling was completed for Indicated Resources estimations. An additional programme of 14 infill holes recently commenced to convert additional resources to the Indicated Resource category.
Resources
An inferred resource was published on 8 August 2012 of 1,100,000 ounces of gold at a grade of 1.63 g/t gold in 21,000,000 tonnes using a 0.8 g/t gold cut-off.
Following completion of infill drilling in October 2012 and subsequent detailed surveying of artisanal workings, a new resource was published on 29 January 2013 as shown in Table VII. Figure 3 shows the Bananghilig geology and the projection of the resources to surface, and figure 4 shows a cross-section through the deposit showing 5 metres x 5 metres x 2 metres resource blocks represented by coloured dots.
Table VII. Mineral Resource estimation as at 29 January 2013
Category >=0.8 g/t gold
tonnes g/t gold ounces
Indicated
resources 11,900,000 1.59 608,000
Inferred resources 9,000,000 1.62 472,000
TOTAL RESOURCES 20,900,000 1.60 1,080,000
The resource estimation was undertaken by Cube Consulting Pty Ltd (2013)
Notes:
(i) A lower cut of 0.8g/t gold and various uppercuts were applied; and
(ii) Resources are inclusive of reserves.
Figure 3 (please see link at the end of this announcement) shows the Bananghilig regional surface geology map showing the projection of the resource to surface and cross-section line 10710N.
Figure 4 (please see link at the end of this announcement) shows the Bananghilig Deposit cross section through line 10710N showing the resource blocks.
USA PROJECT
The Usa prospect is predominantly contained within Mineral Production Sharing Agreement application ("APSA") XIII-00077. The Company has a Memorandum of Agreement with Corplex Resources Inc. ("Corplex").
The tenement is being progressed to granting.
ANOLING
The Mines Operating Agreement ("MOA") with Alcorn Gold Resources Inc. covers Mining Production Sharing Agreement ("MPSA") application number 039-XIII situated approximately 8 kilometres north from the millsite.
The project has been terminated due to poor economics.
SAUGON PROJECT
FIRST HIT VEIN
Background
Figure 2 shows the Saugon Project located approximately 28 kilometres by road from the Co-O Mill. Work in 2004 involved drilling at the First Hit Vein (holes SDDH 1 to 35) in conjunction with underground development via a 30 metre deep inclined winze down the quartz vein-breccia to assist in understanding the mineralisation.
The 2004 drilling indicated a well developed central zone (First Hit Vein) with two possible splays partly developed as footwall and hanging wall zones. Further details are contained in the announcements dated 20 April 2010 and 1 December 2010.
Exploration
Work has focussed on regional mapping and detailed mapping, trenching and sampling of new veins with the aim of adding to the available mineralisation in the area.
FINANCIALS
Medusa recorded a net profit after tax ("NPAT") of US$28.6 million and earnings before interest, tax depreciation and amortisation ("EBITDA") of US$35.3 million for the half year to 31 December 2012, compared to US$24.0 million and US$28.4 million respectively in the previous corresponding period.
The Company recorded Revenues of US$52.4 million compared to US$40.9 million in the previous corresponding period. Medusa is an un-hedged gold producer and received an average price of US$1,676 per ounce from the sale of 43,492 ounces of gold for the half-year to December 2012 (previous corresponding period: 25,446 ounces at US$1,655 per ounce).
The marginal increase in NPAT, EBITDA and Revenues is directly linked to a slight improvement in gold production (32,580 ounces compared to 26,780 ounces). The Co-O Mine has been pre-dominantly in development mode since July 2011 to prepare for the anticipated future production increase and all development ore mined has been treated through the mill. A reduction in haulage capacity with the refurbishment of the Baguio Shaft (following a fire) and inclement weather experienced in December 2012 has impacted on mining activities and mill throughput, contributing to lower than expected gold production.
As at 31 December 2012, the Company which is debt free, had total cash, cash equivalent in gold on metal account and bullion on hand of approximately US$15.8 million (Dec 2011: US$80.2 million).
During the half-year:
-- The Company recorded Revenue of US$52.3 million from gold and silver sales (Dec 2011 half-year: gold and silver sales of US$40.6 million and interest of US$0.3 million);
-- Depreciation and amortisation was higher at US$6.7 million, compared with US$4.5 million in the December half of 2011;
-- US$14.6 million outlay on exploration expenditure, including US$9.8 million on the Co-O Mine (Dec 2011 half-year: US$15.9 million, including US$8.3 million for the Co-O Mine);
-- US$23.5 million was spent on sustaining capital at mine and mill and capital works associated with the new mill construction and infrastructure (Dec 2011 half-year: US$9.0 million); and
-- Incurred US$15.8 million on general and accelerated mine development costs, inclusive of shaft sinking costs (Dec 2011 half-year: on general and accelerated mine development costs, inclusive of shaft sinking costs of US$14.7 million).
CORPORATE
Dividend
The Board has temporarily suspended the payment of any dividend for the current fiscal year. In the previous half year to 31 December 2011, the Company paid an interim un-franked dividend of A$0.05 per share.
JORC COMPLIANCE - CONSENT OF COMPETENT PERSONS
Medusa Mining Limited
Information in this report relating to Exploration Results is based on information compiled by Mr Geoff Davis, who is a member of The Australian Institute of Geoscientists. Mr Davis is the Non-Executive Chairman of the Board of Medusa Mining Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a "Competent Person" as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a "Qualified Person" as defined in "National Instrument 43-101" of the Canadian Securities Administrators. Mr Davis consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Cube Consulting Pty Ltd
Information in this report relating to Mineral Resources has been estimated and complied by Mr Mark Zammit of Cube Consulting Pty Ltd. Mr Zammit is a member of The Australasian Institute of Mining & Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a "Qualified Person" as defined in "National Instrument 43-101" of the Canadian Securities Administrators. Mr Zammit consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Cube Consulting is an independent Perth based resource industry consulting firm specialising in geological modelling, resource estimation and information technology.
Carras Mining Pty Ltd
Information in this report relating to Ore Reserves is based on information compiled by Dr Spero Carras of Carras Mining Pty Ltd. Dr Carras is a Fellow of the Australasian Institute of Mining & Metallurgy and has 30 years of experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a "Qualified Person" as defined in "National Instrument 43-101" of the Canadian Securities Administrators. Dr Carras consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Carras Mining is an independent Perth based resource industry consulting firm specialising in geological modelling and resource and reserve estimations.
DISCLAIMER
This report may contain certain forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements.
Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Medusa, and its officers, employees, agents and associates, that may cause actual results to differ materially from those expressed or implied in such statements.
Actual results, performance or outcomes may differ materially from any projections and forward-looking statements and the assumptions on which those assumptions are based.
You should not place undue reliance on forward-looking statements and neither Medusa nor any of its directors, employees, servants or agents assume any obligation to update such information.
LEAD AUDITOR'S INDEPENDENCE DECLARATION
The lead auditor's independence declaration under section 307C of the Corporations Act 2001 is set out on page 21 for the half-year ended 31 December 2012.
ROUNDING OF AMOUNTS
The Company has applied the relief available to it under Class Order 98/100 and accordingly, amounts in the financial report and directors' report have been rounded to the nearest $1,000.
This report is signed in accordance with a resolution of the Board of Directors.
PETER HEPBURN-BROWN
Managing Director
Dated this 27(th) day of February 2013.
AUDITOR'S INDEPENDENCE DECLARATION
Grant Thornton Audit Pty Ltd
ACN 130 913 594
10 Kings Park Road
West Perth WA 6005
PO Box 570
West Perth WA 6872
T +61 8 9480 2000
F +61 8 9322 7787
E info.wa@au.gt.com
W www.grantthornton.com.au
Auditor's Independence Declaration
To The Directors of Medusa Mining Limited
In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Medusa Mining Limited for the half-year ended 31 December
2012, I declare that, to the best of my knowledge and belief, there have been:
a no contraventions of the auditor independence requirements of the Corporations Act
2001 in relation to thereview; and
b no contraventions of any applicablecode of professional conduct in relation to the review.
GRANT THORNTON AUDIT PTY LTD Chartered Accountants
P W Warr
Partner - Audit & Assurance
Perth, 27 February 2013
Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not aworldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia.
Liability limited bya scheme approved under Professional Standards Legislation
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
for the half-year ended 31 December 2012
Consolidated Group
------------------------
31 Dec 2012 31 Dec 2011
----------- -----------
Note US$ 000 US$ 000
----------- -----------
Revenue 2 52,363 40,908
Cost of sales (18,175) (10,663)
Administration expenses (4,665) (4,609)
Other expenses (925) (1,574)
Profit before income tax expense 28,598 24,062
Income tax expense - (75)
----------- -----------
Profit for the period after income
tax expense 28,598 23,987
----------- -----------
Other comprehensive income:
Exchange differences on translation of foreign
operations (net of tax) 7,507 (2,323)
----------- -----------
Total comprehensive income 36,105 21,664
----------- -----------
Overall operations:
Basic earnings per share 0.152 0.127
----------- -----------
Diluted earnings per share 0.152 0.127
----------- -----------
The accompanying condensed notes form part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2012
Consolidated Group
----------------------
31 Dec 2012 30 June
2012
------------ --------
Note US$ 000 US$ 000
------------ --------
CURRENT ASSETS
Cash & cash equivalents 8,834 12,468
Trade & other receivables 37,667 55,964
Inventories 14,375 14,643
Other current assets 152 707
Total Current Assets 61,028 83,782
------------ --------
NON-CURRENT ASSETS
Property, plant & equipment 86,741 63,929
Exploration, evaluation and development
expenditure 215,443 182,897
Deferred tax assets 1,632 1,632
Total Non-Current Assets 303,816 248,458
------------ --------
TOTAL ASSETS 364,844 332,240
------------ --------
CURRENT LIABILITIES
Trade & other payables 14,054 14,876
Provisions 1,050 920
------------ --------
Total Current Liabilities 15,104 15,796
------------ --------
NON-CURRENT LIABILITIES
Provisions 536 520
Deferred tax liability 257 257
------------ --------
Total Non-Current Liabilities 793 777
------------ --------
TOTAL LIABILITIES 15,897 16,573
------------ --------
NET ASSETS 348,947 315,667
------------ --------
EQUITY
Issued capital 5 73,070 73,070
Reserves 32,367 23,760
Retained profits 243,510 218,837
------------ --------
TOTAL SHAREHOLDERS' EQUITY 348,947 315,667
------------ --------
The accompanying condensed notes form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half-year ended 31 December 2012
Other Foreign
Share Reserves Currency
Capital Retained (refer Translation
Ordinary Profits note 6) Reserve Total
---------- --------- ---------- ------------- --------
US$ 000 US$ 000 US$ 000 US$ 000 US$ 000
---------- --------- ---------- ------------- --------
Balance at 01.07.2011 71,990 189,020 1,689 13,190 275,889
---------- --------- ---------- ------------- --------
Net profit after tax - 23,987 - - 23,987
Other comprehensive income - - - (2,323) (2,323)
---------- --------- ---------- ------------- --------
Total comprehensive income
for the period - 23,987 - (2,323) 21,664
---------- --------- ---------- ------------- --------
Shares issued during the
period 789 - - - 789
Transfer from Option Reserve 291 - (291) - -
Share options recognised
during the period in accordance
with AASB 2 - share based
payments - - 1,133 - 1,133
Sub-total 73,070 213,007 2,531 10,867 299,475
Dividends paid or provided
for (refer note 3) - (9,338) - - (9,338)
---------- --------- ---------- ------------- --------
Balance at 31.12.2011 73,070 203,669 2,531 10,867 290,137
---------- --------- ---------- ------------- --------
Balance at 01.07.2012 73,070 218,837 3,740 20,020 315,667
---------- --------- ---------- ------------- --------
Net profit after tax - 28,598 - - 28,598
Other comprehensive income - - - 7,507 7,507
---------- --------- ---------- ------------- --------
Total comprehensive income
for the period - 28,598 - 7,507 36,105
Shares issued during the
period - - - - -
Transfer from Option Reserve - - - - -
Share options and performance
rights recognised during
the period in accordance
with AASB 2 - share based
payments - - 1,100 - 1,100
Sub-total 73,070 247,435 4,840 27,527 352,872
Dividends paid or provided
for (refer note 3) - (3,925) - - (3,925)
Balance at 31.12.2012 73,070 243,510 4,840 27,527 348,947
---------- --------- ---------- ------------- --------
The accompanying condensed notes form part of these financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
for the half-year ended 31 December 2012
Consolidated Group
---------------------------
31 Dec 2012 31 Dec 2011
------------- ------------
US$ 000 US$ 000
------------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 73,330 42,403
Payments to suppliers and employees (18,504) (14,649)
Interest received 29 285
Net cash provided by operating
activities 54,855 28,039
------------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of non-current assets (24,360) (12,824)
Payments for exploration expenditure
and tenements (5,906) (16,725)
Payments for development activities (18,658) (14,493)
Net cash (used in) investing activities (48,924) (44,042)
------------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares - 789
Payments for dividends (3,925) (9,338)
------------- ------------
Net cash (used in) financing activities (3,925) (8,549)
------------- ------------
Net (decrease) in cash held 2,006 (24,552)
Cash at beginning of period 12,468 62,431
Exchange rate adjustments (5,640) 164
------------- ------------
Cash at end of period 8,834 38,043
------------- ------------
The accompanying condensed notes form part of these financial statements
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
for the half-year ended 31 December 2012
Note 1: Basis of preparation
Medusa Mining Limited (the "Company") is a company domiciled in Australia.
The consolidated interim financial report of the Company as at and for the six months ended 31 December 2012 comprises the Company and its subsidiaries (together referred to as (the "Group") and the consolidated group's interests in associates and jointly controlled entities.
The functional currency of each of the Group's entities is the currency of the primary economic environment in which that entity operates. Though the Company's functional currency is Australian dollars the presentation currency for the Group is US dollars. The reason for using US dollars as the presentation currency is US dollars is the primary currency used in the global gold market.
The consolidated annual financial report of the consolidated group as at and for the year ended 30 June 2012 is available on the company's website.
(a) Statement of compliance
These general purpose financial statements for the interim half-year reporting period ended 31 December 2012 have been prepared in accordance with requirements of the Corporations Act 2001 and Australian Accounting Standards including AASB 134: Interim Financial Reporting. Compliance with Australian Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards.
The consolidated interim financial report does not include all of the information required for a full annual financial report, and should be read in conjunction with the consolidated annual financial report of the Consolidated Group as at and for the year ended 30 June 2012.
This consolidated interim financial report was approved by the Board of Directors on 26 February 2013.
(b) Significant accounting policies
The accounting policies applied by the Consolidated Group in this consolidated interim financial report are the same as those applied by the Consolidated Group in its consolidated financial report as at and for the year ended 30 June 2012.
(c) Significant events and transactions
During the six months the Company experienced an increase in Revenues which is directly linked to an increase in gold production (32,580 ounces compared to 26,780 ounces). The Co-O mine has been predominantly in development mode since July 2011 to prepare for anticipated future production increase.
The Group's objectives and policies for managing capital, credit risk and liquidity risk are described in its recent annual financial statements.
(d) Comparative figures
Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year.
(e) Rounding of amounts
The Company has applied the relief available to it under Class Order 98/100 and accordingly, amounts in the financial report and directors' report have been rounded to the nearest $1,000.
Note 2: Profit for the period
Consolidated Group
--------------------------
31 Dec 2012 31 Dec 2011
------------ ------------
US$ 000 US$ 000
------------ ------------
The following revenue and expense
items are relevant in explaining
the financial performance for the
interim period:
Revenue items:
Interest revenue 27 292
Gold and silver sales 52,327 40,603
Other 9 6
Expense items:
Depreciation 3,203 2,591
Amortisation 3,507 2,308
Employee benefits expense 2,933 4,378
Recognition of share based payments 1,100 1,132
Note 3: Dividends
Unfranked dividend of A$0.02 a share (2011: 5 cents a share, declared on 29 August 2011 and paid on 30 September 2011) was declared on 29 August 2012 and paid on 4 October 2012. 3,925 9,338
Note 4: Segment Information
The Consolidated Group has identified its reportable operating segments based on the internal reports that are reviewed and used by the Managing Director (the chief operating decision maker) and his management team in assessing performance and in determining the allocation of resources.
The Group segments are structured as Mine, Exploration and Other. Currently the only operational mine is the Co-O mine.
Mining Exploration Other Total
US$
US$ 000 US$ 000 000 US$ 000
-------- ------------ -------- --------
Segment Revenue and Result
6 months to December 2012:
Segment revenue 52,327 - 36 52,363
Segment result 32,069 (16) (3,455) 28,598
6 months to December 2011:
Segment revenue 40,603 - 305 40,908
Segment result 28,807 (10) (4,810) 23,987
Segment Assets and Liabilities
31 December 2012:
Segment assets 355,386 4,127 3,699 363,212
Reconciliation of segment assets
to group assets
add -
Deferred tax assets 1,632
--------
Total group assets 364,844
--------
Segment liabilities 11,860 2 3,778 15,640
Reconciliation of segment liabilities
to group liabilities
add -
Deferred tax liabilities 257
--------
Total group liabilities 15,897
--------
30 June 2012:
Segment assets 322,651 4,004 3,953 330,608
Reconciliation of segment assets
to group assets
add -
Deferred tax assets 1,632
--------
Total group assets 332,240
--------
Segment liabilities 13,273 8 3,305 16,316
Reconciliation of segment liabilities
to group liabilities
add -
Deferred tax liabilities 257
--------
Total group liabilities 16,573
--------
Consolidated Group
---------------------------------------------------
31 Dec 2012 30 Jun 2012 31 Dec 30 Jun
2012 2012
------------ ------------ ------------- --------
(shares) (shares) US$ 000 US$ 000
------------ ------------ ------------- --------
Note 5: Issued Capital
Ordinary shares on issue 188,903,911 188,903,911 73,070 73,070
------------ ------------ ------------- --------
Opening balance 188,903,911 188,233,911 73,070 71,990
add -
Shares issued during the
period - 670,000 - 789
Transfer from option Reserve - - - 291
------------ ------------ ------------- --------
188,903,911 188,903,911 73,070 73,070
------------ ------------ ------------- --------
Movement in ordinary shares
during the half-year:
* Balance at beginning of the period 188,903,911 188,233,911 73,070 71,990
* Options converted to ordinary shares at A$1.25 each - 600,000 - 668
- 60,000 - -
* *Bonus share issued on the basis of 1 for every 10
options converted
* Options converted to ordinary shares at A$4.40 each - 10,000 - 121
Transfer from option reserve - - - 291
------------ ------------ ------------- --------
188,903,911 188,903,911 73,070 73,070
------------ ------------ ------------- --------
* Bonus shares were issued in accordance with an announcement to ASX on 8 March 2010 of one ordinary share for every 10 ordinary shares held.
The A$ issue price per share has been converted using the exchange rate applicable on the date the funds were received and rounded to four decimal places.
Consolidated Group
------------------------------------------
31 Dec 30 Jun 31 Dec 30 Jun
2012 2012 2012 2012
---------- ---------- -------- --------
(options) (options) US$ 000 US$ 000
---------- ---------- -------- --------
Note 6: Option and Performance
Rights Reserve
Option and Performance
Rights Reserve 1,965,000 1,965,000 4,840 3,740
---------- ---------- -------- --------
Opening balance 1,965,000 750,000 3,740 1,689
less -
Options exercised - (610,000) - (291)
add -
Options issued - exercisable - 1,825,000 - -
at A$4.40 each
Share options and performance
rights recognised during
the period in accordance
with AASB 2 - share based
payments - - 1,100 2,342
---------- ---------- -------- --------
1,965,000 1,965,000 4,840 3,740
---------- ---------- -------- --------
Note 7: Contingent Liabilities
There have been no developments in the period since the annual report.
Note 8: Commitments
There has been no change to the commitments as disclosed in the Group's 30 June 2012 annual report.
Note 9: Related Parties
Arrangements with related parties continue to be in place. For details on these arrangements, refer to the Company's annual report for the year ended 30 June 2012.
Note 10: Events subsequent to reporting date
There has not arisen in the interval between the half-year ended 31 December 2012 and the date of this report any other item, transaction or event of a material or unusual nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the Consolidated Group, the results of those operations, or the state of affairs of the Consolidated Group, in subsequent financial periods.
DIRECTORS' DECLARATION
The Directors of the Company declare that:
1. The financial statements and notes, as set out on pages 22 to 30:
(a) comply with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations; and
(b) give a true and fair view of the Consolidated Group's financial position as at 31 December 2012 and of its performance for the half year ended on that date.
2. In the Directors' opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
Peter Hepburn-Brown
Managing Director
Dated this 27(th) day of February 2013
Independent Auditors Review Report
Grant Thornton Audit Pty Ltd
ACN 130 913 594
10 Kings Park Road
West Perth WA 6005
PO Box 570
West Perth WA 6872
T +61 8 9480 2000
F +61 8 9322 7787
E info.wa@au.gt.com
W www.grantthornton.com.au
Independent Auditor's Review Report
To the Members of Medusa Mining Limited
We have reviewed the accompanying half-year financial report of Medusa Mining Limited
("Company"), which comprises the consolidated financial statements being the statement of financial position as at 31 December 2012, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a statement or description of accounting policies, other explanatory information and the directors' declaration ofthe consolidated entity, comprising both the Company and theentities it controlled at the half-year's end or from time totime during the half-year.
Directors' responsibility for the half-year financial report
The directors of Medusa Mining Limited are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report thatis free from material misstatement, whether due to fraud or error.
Auditor'sresponsibility
Our responsibility is to express a conclusion on the consolidated half-year financial report based on our review. Weconducted our review in accordance with the Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that thehalf-year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Medusa Mining Limited consolidated entity's financial position asat 31
December 2012 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Asthe auditor of Medusa Mining Limited, ASRE 2410 requiresthat we
comply with the ethical requirements relevant to the audit of the annual financial report.
Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its services independently in Australia.
Liability limited by a scheme approved under Professional Standards Legislation
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial andaccounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, wedo not express an audit opinion.
Independence
In conducting our review, we complied with the independence requirements of the
Corporations Act 2001.
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Medusa Mining Limited is not in accordance with the Corporations Act 2001, including:
a giving a true and fair view of the consolidated entity'financial position as at31
December 2012 and of its performance for the half-year ended on that date; and
b complyingwith Accounting Standard AASB 134 Interim Financial Reporting and
Corporations Regulations 2001.
GRANT THORNTON AUDIT PTY LTD Chartered Accountants
P W Warr
Partner - Audit & Assurance
Perth, 27 February 2013
A copy of this report has been filed with the National Storage Mechanism and will be available for inspection shortly at www.hemscott.com/nsm.do.
To view the Figures and Graphs, please click on or paste the following link in your browser:
http://www.rns-pdf.londonstockexchange.com/rns/7709Y_-2013-2-27.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
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