- Medusa Mining (MML) has suspended its operations at its Co-O mine in the Philippines after several employees tested positive for COVID-19
- The company has decided to close the mine for seven days to undergo cleaning at the mines workspaces
- This decision will have no impact on the company’s 2021 financial guidance between 90,000 to 95,000 ounces of gold production
- Before operations at the site can resume, all employees will be required to undergo a COVID-19 test upon returning to the mine site
- Medusa Mining is down 4.88 per cent on market close and is trading for 78 cents per share
Medusa Mining (MML) has suspended its operations in the Philippines after several employees tested positive for COVID-19.
Following the first case of COVID-19 in the Philippines, the company began monitoring the situation and put in place measures to reduce the risk of infection.
Through this testing, Medusa identified several members of its workforce who tested positive for COVID-19. These employees have since been removed from the site and have been placed in home isolation.
This news has prompted the company to suspend operations at the Co-O Mine and place the site on care and maintenance for seven days. Medusa Mining said this decision was made by the business and was not enforced by local or national government bodies.
This decision will have no impact on the company’s 2021 financial guidance between 90,000 to 95,000 ounces of gold production
During the closure, workspaces will be disinfected with only essential services continuing. All employees will be required to undergo a COVID-19 test and return a negative result before returning to the site.
“The decision to suspend operations at Co-O for 7 days was made by the company in order to protect the welfare of our employees and local community,” Chairman and interim CEO Andrew Teo said.
“Following the disinfection of the site and testing of the workforce, we expect to quickly resume operations at Co-O with no impact on our FY21 production guidance,” he added.
Medusa is down 4.88 per cent on market close and is trading for 78 cents per share.