Didipio going down sees OceanaGold softening forecast

GOLD and copper miner OceanaGold is forecasting a softer 2018 after record annual production in 2017.

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The multinational operator is plumping for 2018 output of between 480,000 ounces and 530,000oz, as well as copper production of 15,000-16,000t – with all-in sustaining costs put at US$725-775/oz.

In 2017 OceanaGold produced 574,606oz and 18,351t.

The softer current year comes as the Didipio gold-copper operation in Philippines transitions from an open cut to underground mine.

Production from Didipio is put at 80,000-90,000oz and 15,000-16,000t of copper, versus 2017’s 176,790oz and 18,351t of copper.

Once the underground is fully up and running OceanaGold expects Didipio to annually contribute around 110,000-130,000oz.

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