Oceana increases ouptut in Sept quarter

29th October 2020 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX- and TSX-listed gold miner OceanaGold has reported an increase in gold production for the three months to September as its Macreas operation, in New Zealand, resumed full-scale operations after a government-imposed Covid-19 shutdown in the second quarter.

Group gold production in the third quarter was up to 63 100 oz, up from the 58 700 oz delivered in the June quarter, while gold sales for the quarter declined from 61 900 oz to 60 800 oz.

In the year-to-date, consolidated production reached 202 521 oz, with 214 133 oz of gold sold, earning revenues of A$331.9-million and an earnings before interest, taxes, depreciation and amortisation of A$68.3-million.

OceanaGold reported a year-to-date net loss of A$154.2-million, including a net loss of A$96.8-million in the third quarter, reflecting impairment charges of A$80-million in relation to the Didipio operation, in the Philippines, where operations remained suspended owing to the ongoing restraints placed on the operation.

“We remain focused on delivering a stronger fourth quarter of operations and financial results with higher production expected from both Macreas and Haile, plus year-end batch processing at Waihi,” said OceanaGold president and CEO Michael Holmes.

“Concurrently, we expect to continue advancing our key organic growth projects, which we believe are key to creating value for shareholders over the long term.”

The growth projects include Waihi district opportunities, mine life extensions at Macreas and the Haile underground.