(MENAFN- ProactiveInvestors)Medusa Mining (ASX:MML) said chairman Andrew Teo is to take over executive duties following the retirement of interim chief executive Geoff Davis. Davis who was talked out of retirement in September to re-join the company as interim chief executive left the company today for the second time. Andrew Teo executive chairman said the search for a new chief executive is in its final stages he said with an announcement expected shortly. He was speaking at the Philippines-based gold miner's annual general meeting where he noted that Medusa remains on track to hit its full-year production guidance of between 120000 and 130000. Production in the September quarter was at a record high for the company though the December quarter will likely be slightly lower due to repairs on a shaft and scheduled maintenance over the Christmas break. All in sustaining costs (AISCs) over the quarter were lower around US$950 with AISC for the remainder of the year expected to be between US$900-US$1000. Shares closed in Australia 3.2% higher to 0.47p.
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