Late yesterday afternoon, Australian-based gold producer Medusa Mining Limited (ASX: MML) notified the market of a tragic incident at one of its mines in the Philippines.
What happened?
In yesterday’s release, Medusa advised that it received notice of a fatal accident through its Philippines operating company, Philsaga Mining Corporation.
Two workers were fatally injured while carrying out maintenance tasks at an underground pumping station on the third level of the mine.
Medusa said that the incident took place on 12 January and the Philippine Mines and Geosciences Bureau was immediately notified. Authorities have launched a full investigation into the cause of the tragedy.
The affected families of the workers are receiving support as Philsaga Mining Corporation works with the contracting company involved.
In its announcement, Medusa commented that the accident occurred “despite the additional daily focus on safe work practices, additional training and improved procedures.”
The company advised it has immediately reinforced its safety procedures in relation to the circumstances of the accident, and is reviewing all safety components.
Lastly, Medusa noted that following safety inspections, all other areas of the mine continue to operate as normal.
Medusa share price snapshot
Medusa operates two projects, the Co-O mine and the Royal Crowne Vein Prospect, both located in the Philippines.
The Medusa share price has been a weak performer over the past 12 months, down 10% since this time last year.
Based on the current share price of 76 cents per share, Medusa commands a market capitalisation of $159 million.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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