OceanaGold has record year

OCEANAGOLD has forecast a similar 2018 to 2017’s record output of 574,606 ounces produced, a performance that included a best-ever fourth quarter of 166,211oz at all-in-sustaining costs of US$617/oz.
OceanaGold has record year OceanaGold has record year OceanaGold has record year OceanaGold has record year OceanaGold has record year

Gold bars from Haile.

Michael Quinn

The transnational miner is expecting 2018 to yield 550,000-60,000oz of gold at AISC of $600-650/oz, including output of 18,000-19,000t of copper.

Record production in the fourth quarter saw OceanaGold reduce debt by US$73 million and increase cash to $73 million.

The record production periods came on the back of the new Haile project in South Carolina and strong performance from the Didipio operation in the Philippines.

Gold production from Didipio is forecast to decline in 2018 as it transitions to an underground operation, while Haile’s is expected to better its output.

OceanaGold’s debt stands at $167 million.

Shares in OceanaGold closed Thursday at A$3.23, capitalising the company at $1.97 billion.

The stock is down about 20% over the past 12 months, similar to another ASX-listed multi-national miner Resolute, and as against gains of 20-50% recorded by Australia-only gold miners.       

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