/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO
US NEWSWIRE SERVICES./
(All financial figures in US Dollars unless
otherwise stated)
MELBOURNE, July 11, 2018 /CNW/ - OceanaGold Corporation
(TSX: OGC) (ASX: OGC) (the "Company") is pleased to preview its
production report for the second quarter and first half ended
30 June 2018. Note the numbers
contained in this document are subject to finalisation. The
Company will release its complete financial and operational results
before market open on Thursday July 26,
2018 (Toronto Eastern Daylight Time).
Key Highlights
- Consolidated 2018 half year production of 268,597 ounces of
gold and 7,808 tonnes of copper including 142,950 ounces of gold
and 3,919 tonnes of copper in the second quarter.
- Increased 2018 production guidance range to between 500,000 to
540,000 ounces.
Mick Wilkes, President and CEO
said, "I am pleased to report another strong quarter of operating
performance across all of our assets with a 14% quarter-on-quarter
increase to consolidated production."
"Expansion of the process plant at Haile is also progressing
well and we expect to complete commissioning of the Pebble Crusher
before the end of the month, while at Didipio, production was
stronger on the back of continued ramp-up of underground operations
and mining of higher grades in the breccia zone."
Table 1 – Production Summary
|
|
|
|
|
|
Quarter ended 30 Jun
2018
|
Haile
|
Didipio
|
Waihi
|
Macraes
|
Consolidated
|
Q2 2018
|
Q1 2018
|
Q2 2017
|
Gold
Produced
|
Ounces
|
38.6
|
33.1
|
20.8
|
50.4
|
143.0
|
125.6
|
124.4
|
Copper
Produced
|
Tonnes
|
-
|
3.9
|
-
|
-
|
3.9
|
3.9
|
4.3
|
Year to date 30 Jun
2018
|
Haile
|
Didipio
|
Waihi
|
Macraes
|
Consolidated
|
YTD 2018
|
YTD 2017
|
Gold
Produced
|
Ounces
|
75.7
|
58.8
|
39.3
|
94.8
|
268.6
|
272.4
|
Copper
Produced
|
Tonnes
|
-
|
7.8
|
-
|
-
|
7.8
|
10.3
|
Table 2 – Updated 2018 Production and Cost
Guidance
|
|
|
|
|
|
|
|
|
Haile
|
Didipio
|
Waihi
|
Macraes
|
Consolidated
|
Gold
Production
|
Ounces
|
140,000 –
155,000
|
95,000 –
105,000
|
75,000 -
85,000
|
190,000 –
200,000
|
500,000 –
540,000
|
Copper
Production
|
Tonnes
|
–
|
15,000 –
16,000
|
–
|
–
|
15,000 –
16,000
|
All-In Sustaining
Costs (1)
|
US$/ounce
|
$725 –
$775
|
$260 –
$310
|
$750 –
$790
|
$950 –
$1,000
|
$725 –
$775
|
Notes:
|
1.
|
Current 2018
financial year guidance is based on exchange rates of NZD/USD 0.72,
average copper price, inclusive of executed hedges of $3.15 / lb in
average for the full year.
|
On 19th June 2018, the
Company announced an increase to its 2018 gold production guidance
with stronger operating performance expected at Didipio and Haile.
As a result, the Company's 2018 gold production guidance range was
revised to 500,000 to 540,000 ounces.
On a consolidated basis, during the first half of 2018 the
Company produced 268,597 ounces of gold, broadly in-line with the
first half of 2017 as a full half of steady state operations at
Haile offset lower production half-year production at Didipio.
Second quarter gold production of 142,950 ounces was 14% higher
compared to the first quarter of 2018 reflecting stronger
production across all assets. Copper production for the second
quarter was 3,919 tonnes and in-line with the previous quarter.
In the United States, Haile
produced 75,693 ounces of gold, including 38,644 ounces of gold in
the second quarter. The quarter-on-quarter increase in production
is mainly attributable to improved plant availability and
utilisation rates. Recoveries remained steady in the low 80% range
and we continue to progress with the installation of the upgraded
fine grind circuit to further improve recoveries, with
commissioning expected in the first quarter of 2019.
In the Philippines, Didipio
produced 58,797 ounces of gold and 7,808 tonnes of copper in the
first half of 2018, including 33,140 ounces of gold and 3,919
tonnes of copper in the second quarter. The 30% quarter-on-quarter
increase in production was a result of continued ramp-up of
underground operations and the implementation of a revised mine
plan.
In New Zealand, Waihi produced
39,320 ounces of gold, including 20,798 ounces of gold produced in
the second quarter. The 12% quarter-on-quarter increase in
production was a result of better equipment utilisation and higher
mill throughput.
At Macraes, the operation produced 94,786 ounces of gold,
including 50,368 ounces of gold produced in the second quarter. The
13% quarter-on-quarter increase in production was related to
processing of higher grades and better recoveries.
Second Quarter 2018 Results and Webcast
The Company will host a conference call / webcast to discuss the
results at 7:30 am on Friday
27 July 2018 (Melbourne, Australian Eastern Standard Time) /
5:30 pm on 26
July 2018 (Toronto, Eastern
Daylight Time).
Webcast Participants
To register, please copy and paste the link below into your
browser:
https://event.on24.com/wcc/r/1785607/E0306E891C1CEB19A2C8F1FA87D63136
Teleconference Participants (required for those who wish
to ask questions)
Local (toll free) dial in numbers are:
Australia: 1 800 076 068
New Zealand: 0 800 453 421
Canada & North America: 1 888 390 0546
All other countries (toll): + 1 416 764 8688
Playback of Webcast
If you are unable to attend the call, a recording will be
available for viewing on the Company's website.
About OceanaGold
OceanaGold Corporation is a mid-tier, high-margin, multinational
gold producer with assets located in the
Philippines, New Zealand
and the United States. The
Company's assets encompass the Didipio Gold-Copper Mine located on
the island of Luzon in the
Philippines. On the North Island of New Zealand, the Company operates the
high-grade Waihi Gold Mine while on the South Island of
New Zealand, the Company operates
the largest gold mine in the country at the Macraes Goldfield which
is made up of a series of open pit mines and the Frasers
underground mine. In the United
States, the Company operates the Haile Gold Mine, a
top-tier, long-life, high-margin asset located in South Carolina. OceanaGold also has a
significant pipeline of organic growth and exploration
opportunities in the Americas and Asia-Pacific regions.
OceanaGold has operated sustainably over the past 27 years with
a proven track-record for environmental management and community
and social engagement. The Company has a strong social license to
operate and works collaboratively with its valued stakeholders to
identify and invest in social programs that are designed to build
capacity and not dependency.
In 2018, the Company expects to produce 500,000 to 540,000
ounces of gold and 15,000 to 16,000 tonnes of copper with All-In
Sustaining Costs that range from $725
to $775 per ounce sold.
SOURCE OceanaGold Corporation