Gold producer Medusa Mining has said that a fire has damaged around 120 metres of timbering at the Baguio Shaft belonging to its Philippines operating company Philsaga Mining Corporation. The fire was the result of sparks caused by welding activities. In response, the firm began processing stockpiles of the mine water settling pond fines from surface and underground to offset the lost production. The company said its production guidance of between 100,000 and 120,000 ounces remains in place. Work to fix the shaft is expected to take three months, after which it will operate with additional capacity.
EMED Mining, a Europe-based minerals development and exploration company, has conditionally raised £3.5m before expenses following the placing of 1.67m shares at 8.5p each in both the UK and Canada. The proceeds will largely be used to fund the cash consideration for the recently announced acquisitions of certain land plots adjoining the Rio Tinto Copper Mine. The new shares will represent around 4% of the enlarged issued share capital.
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