Medusa Mining is undertaking a review of operations as part of the process for selection of a new CEO to replace Geoff Davis who retired in November. The company is focused solely in the Philippines and operates the low-cost Co-O mine.

In a statement to shareholders issued on January 22, executive chairman Andrew Teo said: “I would like to take this opportunity as we forge ahead into the New Year, to update shareholders on the ongoing selection process for a new CEO.

“With the half year of production behind us, we are excited to further establish ourselves as a profitable low-cost gold producer whilst we continue to explore and firm up existing resources. With these challenges in mind, we have taken appropriate measures to ensure the best possible candidate is selected to take the company forward.

“The Board has been working closely with a mandated executive recruitment firm, to finalise a shortlist of candidates. As part of this process, we have commenced a review of operations, the results of which will be central to briefing the final candidates with the most current data available, to ensure full transparency and facilitate a smooth handover.

“Selected candidates will then travel to site to familiarise themselves with our team and operations first hand.

“We are pleased with how this process is progressing and look forward to advising shareholders of the successful candidate once complete.”

In early September 2014 former managing director and chairman Geoff Davis was persuaded out of retirement to re-join the company on an interim basis as CEO. He served in this role for 12 months but retired following the company’s annual general meeting in November 2015.