PERTH (miningweekly.com) – ASX- and TSX-listed gold miner OceanaGold has reported record revenue and profits during the year ended December, as gold production exceeded expectations.

During the full year, gold production reached 307 463 oz, while copper production reached 25 010 t. This resulted in yearly revenue of $563.3-million, up from the $553.6-million reported in the previous financial year.

Profit after tax increased to $112.1-million, compared with $92.7-million reported last year.

MD and CEO Mick Wilkes said this week that the record profit and revenue followed a year of strong operational performance across the company’s assets.

For the full year, the Didipio asset, in the Philippines, exceeded production expectations, delivering 106 256 oz of gold and 25 010 t of copper, which included a record quarterly gold production of 34 783 oz during the fourth quarter.

In New Zealand, OceanaGold achieved its production guidance, delivering 201 207 oz of gold during the full year.

“Despite the lower gold price over the past two years, the company has strengthened the balance sheet through repayment of nearly $150-million in debt while increasing our cash position. Over this period, we have delivered strong returns, positive results and are now further increasing shareholder wealth through a dividend payment,” Wilkes said.

Looking ahead, he noted that OceanaGold was expected to continue generating free cash flow through strong operating performances and a disciplined approach towards capital investment.

“We expect to continue to deliver positive results by executing on our well defined and balanced strategy of operating efficiency and safely to maximise value from our assets, strengthen our social licence to operate and effectively and strategically deploy capital to further increase shareholder wealth.”