OceanaGold production slumps in Q1
PERTH (miningweekly.com) – ASX- and TSX-listed OceanaGold has reported a 12% decline in production during its first quarter for 2013, owing to lower grades and less tons from its New Zealand operations.
During the three months to March, OceanaGold produced 67 463 oz of gold. The company said that the decrease was partly offset by the inclusion of the Didipio mine production, which continued to ramp up.
Copper production at Didipio reached 3 663 t during the first quarter of the year.
“The company had another strong quarter with steady production from the New Zealand mines and continued success with the ramp-up at Didipio,” said OceanaGold MD and CEO Mick Wilkes.
“Commissioning of Didipio continues to advance well, and we are beginning to release the positive cash flow from the operation, having made one shipment early in April, with the next shipment expected in the coming days.”
Wilkes noted that more than 13 000 t of copper/gold concentrate was currently in storage at site or port, and noted that mining activities continued to perform well, with a large inventory of ore on the run-of-mine pad.
“Our transformation into a multinational producer with lower costs continues to progress as planned, and we are on track to declare commercial production at Didipio in the second quarter of 2013.”
Since the start of production at Didipio in December of last year, the mine had produced some 7 251 oz of gold and 3 866 t of copper.
Meanwhile, OceanaGold reported earnings before interest, tax, depreciation and amortization of A$47.1-million during the quarter, and revenue of A$95.6-million from its New Zealand operations.
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