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OceanaGold on track to meet 2023 guidance

2nd August 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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TSX-listed OceanaGold is on track to meet its 2023 consolidated production, cost and capital guidance, the company said on Tuesday, reporting its second-quarter results.

The miner, which operates the Haile mine in the US, the Didipio mine in the Philippines, and the Macraes and Waihi operations in New Zealand, produced 130 055 oz of gold and 3 400 t of copper at an all-in sustaining cost (AISC) of $1 318/oz during the three months ended June.

This compares with gold output of 112 300 oz and copper production of 3 800 t in the prior-year period.

Year-to-date gold production amounts to 248 200 oz, keeping OceanaGold on track to meet its 460 000 oz to 510 000 oz gold production guidance this year. Its AISC guidance is set at between $1 425/oz and $1 525/oz.

For the full year, OceanaGold is forecasting copper output of 12 000 t to 14 000 t.

"OceanaGold safely and responsibly delivered strong production outcomes at lower costs during the second quarter, generating strong free cash flow. Both New Zealand sites bounced back strongly, Didipio continued its steady performance, and we remain on schedule for first ore delivery from the Haile underground in the fourth quarter this year,” said president and CEO Gerard Bond.

The miner generated free cash flow of $72.3-million and reported revenue of $301-million.

Edited by Creamer Media Reporter

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