Medusa Mining hit by tropical storm

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

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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%.