Shares in Medusa Mining fell this morning after it reported tropical storm damage to its Philippines operation.
The company said tropical storm Sendong (Washi) passed to the north of its Co-O mine and mill during late last week bringing strong gusting winds and heavy rainfall.
Winds from the storm caused roof damage to the laboratory and mill buildings allowing water in, while torrential rain hit parts of the haul road between the mine and mill, the firm said
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It added the mine had not suffered any damage and remained operational, but this did not stop its shares falling 3% following the announcement.
The partly damaged haul road would limit ore haulage until it dried out and repairs were completed, Medusa said.
This process would begin once the rain eased and a full assessment of the repair work and the time required had been undertaken.
Further information on possible effects to production would be provided in its December quarterly report, Medusa added.
The company said it had been 20 years since a similar tropical storm had hit the region.
The storm follows a fatality at the Co-O mine in October when broken ore that a miner was standing on collapsed.
Following the tragedy investors pushed the company's share price down 6%.
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
