Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Medusa Mining Ltd. has slashed targets for gold production from its site in Surigao del Sur due to construction work and a worker fatality.
The Australian miner now expects to produce 90,000 to 100,000 ounces of gold for the finanical year 2011 to 2012 instead of earlier targets that ranged as high as 110,000 ounces, citing “mine development taking precedence to prepare the mine for higher production output in 2013,” a transcript of Medusa Mining Chairman John Davis’ speech showed.
