(All financial figures in US Dollars unless otherwise stated)
(MELBOURNE) OceanaGold Corporation (TSX/ASX: OGC) (the “Company”) is pleased to release its full year 2018 production and cost guidance. Additionally, the Company has provided details related to its capital cost program and expectations for the year.
Mick Wilkes, President and CEO said, “We expect this year to be an exciting year for OceanaGold as we advance our expansion plans at Haile and Waihi through prudent capital investment and the commencement of the permitting process in each jurisdiction. We will drive operational enhancements at Didipio and Haile while furthering our extensive exploration activities across our business to create organic growth.”
“After a strong finish to 2017, the Haile Gold Mine is expected to increase gold production by 20% to 25% year-on-year with higher throughput rates. We also expect a solid year at Macraes with a 20% increase in production from higher grades at Coronation North.” He added, “After the strong performance from Didipio last year, we see 2018 as a year of transition for the asset through the steady ramp-up of mining rates from panel one in the underground and continued development of panel two. While at Waihi, our focus is to further advance and define our expansion plans for the operation which should deliver significant benefits to our communities and create value for our shareholders.”
Table 1 – 2018 Production and Cost Guidance
-----------------------Didipio Waihi Macraes Haile Consolidated
Gold Production ounces
80,000 – 90,000 75,000 - 85,000 190,000 – 200,000 135,000 – 155,000 480,000 – 530,000
Copper Production tonnes 15,000 – 16,000 – – – 15,000 – 16,000 All-In Sustaining Costs (1) $ per ounce $260 – $310 $750 – $790 $950 – $1,000 $725 – $775 $725 – $775
1. AISC calculation conforms to the methodology outlined by the World Gold Council. It includes all cash costs, corporate G&A, maintenance capital expenditures, capitalised mining expenditures and exploration.
• NZD:USD exchange rate of 0.72, average copper price, inclusive of executed hedges: $3.15 / lb on average for full year.
In addition, the Company is pleased to provide its 2018 capital expenditure program, which includes capital investments for growth initiatives such as the Haile expansion, the Martha Project and development of the second panel at Didipio underground. Exploration expenditures are consistent with 2017 and reflect the Company’s extensive drilling programs.
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