OceanaGold announces full year 2012 results
Thursday, Feb 14, 2013
MELBOURNE, Feb. 14, 2013 /CNW/ - OceanaGold Corporation (ASX: OGC) (TSX: OGC) (NZX: OGC) (the "Company") today released its fourth quarter and full year 2012 results for the year ended December 31, 2012. Details of the consolidated financial statements and the Management Discussion and Analysis (MDA) are available on the Company's website at www.oceanagold.com.
The Company's strong fourth quarter results were driven by a solid performance from the New Zealand operations. The increase in production was a result of mining higher grade ore at both Macraes and Reefton operations. The quarter on quarter increase in gold ounces sold and lower expenses were the main factors for significantly lower cash costs in the fourth quarter. The substantial increase in cash operating margin in the fourth quarter was a result of the higher ounces of gold sold, lower operating costs and higher average price of gold received.
In December, the Company successfully completed a "Bought Deal" equity raising for gross proceeds of C$93.3 million with the net proceeds to be used to reduce outstanding debt and provide balance sheet and operating flexibility.
In the Philippines, the Didipio Project in northern Luzon continued to advance well during 2012 with all key milestones achieved on schedule. In December 2012, the Company announced production of the first saleable copper-gold concentrate and subsequent to the year end, the first shipment of concentrate was trucked to port.
OceanaGold Corporation is a significant Asia Pacific gold producer with projects located on the South Island of New Zealand and in the Philippines. The Company's assets encompass New Zealand's largest gold mining operation at the Macraes goldfield in Otago which is made up of the Macraes Open Pit and the Frasers Underground mines. Additionally on the west coast of the South Island, the Company operates the Reefton Open Pit mine. The Company's Didipio Project in northern Luzon, Philippines is in commissioning and is expected to produce 00,000 ounces of gold and 14,000 tonnes of copper per year on average over an
estimated 16 year mine life. OceanaGold expects to produce 285,000 to 325,000 ounces of gold and 15,000 to 18,000 tonnes of copper in FY2013 from the New Zealand and Philippine operations combined.
Source: OceanaGold Corporation