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Oceana ups outlook for copper production

31st October 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Dual-listed OceanaGold has revised its full-year copper production guidance from between 15 000 t and 18 000 t to between 18 000 t and 20 000 t, as copper production in the three months to September increased.

Gold production forecast has remained unchanged, with the miner expected to produce between 285 000 oz and 325 000 oz in 2013.

OceanaGold on Thursday reported that copper production for the third quarter had reached 6 150 t, compared with the 5 710 t delivered in the previous quarter, while gold production increased by 9% quarter-on-quarter to 74 697 oz.

The increase in production was ascribed to higher production at the Didipio mine, in the Philippines, and the Macreas mine, in New Zealand. However, production was slightly offset by the lower mill throughput and production at the Reefton project, also in New Zealand.

“We are pleased with the results this quarter and are set for a strong finish to the year. Didipio continues to perform well, with increasing gold production and strong copper production,” said MD and CEO Mick Wilkes.

Gold production in the Philippines reached 18 011 oz during the quarter under review, with the Didipio mine also delivering the total 6 150 t of copper. Production at Didipio was expected to continually increase as the plant ramped-up to a mill throughput rate of 3.5-million tonnes a year by the end of 2014.

The New Zealand operations produced a combined 56 686 oz of gold in the quarter.

In the nine months to date, the ASX- and TSX-listed OceanaGold produced 210 513 oz of gold and 15 533 t of copper. During the nine months, the company sold 204 880 oz of gold and 13 280 t of copper.

Edited by Creamer Media Reporter

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