OceanaGold previews strong quarter

OCEANAGOLD Corp has reported a 14% quarter-on-quarter increase to production for the three months to June 30.
OceanaGold previews strong quarter OceanaGold previews strong quarter OceanaGold previews strong quarter OceanaGold previews strong quarter OceanaGold previews strong quarter

OceanaGold's Waihi mine in New Zealand

Staff reporter

June quarter production was 142,950 ounces of gold and 3919 tonnes of copper, taking output for the first six months of the year to 268,597oz of gold and 7808t of copper.

Half-year output was largely in line with the previous year, with a strong June quarter attributed to increases across all operations.

Production at Haile in North Carolina increased to 38,644oz due to improved plant availability and utilisation rates, while production at Didipio in the Philippines jumped by 30% to 33,140oz of gold and 3919t of copper due to the continued ramp-up of the underground mine and the implementation of a revised mine plan.

In New Zealand, Waihi produced 20,798oz of gold in the June quarter, up 12%, while Macraes produced 50,368oz, up 13%.

The strong June quarter performance underpins the company's recent decision to lift full-year guidance to 500,000-540,000oz from 480,000-530,000oz, and 15,000-16,000t of copper at all-in sustaining costs of US$725 an ounce.

OceanaGold is progressing an expansion of Haile, with the Pebble crusher expected to be commissioned this month.

The company will release full operating and cost data on July 26.

OceanaGold shares dropped by 3.3% in Australia to A$3.77, though the production figures were released after market close.

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