OCEANAGOLD REPORTS FIRST QUARTER 2019 RESULTS

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Overig advies 29/04/2019 15:21
(All financial figures in US Dollars unless otherwise stated)
(MELBOURNE) OceanaGold Corporation (TSX: OGC / ASX: OGC) (the “Company”) reported its first quarter 2019 financial and operational results for the quarter ended March 31, 2019. Details of the consolidated financial statements and the Management Discussion and Analysis (“MD&A”) are available on the Company’s website at www.oceanagold.com
Key Highlights
• Consolidated gold production of 125,681 ounces and copper production of 3,910 tonnes.
• Consolidated All-In Sustaining Costs (“AISC”) of $1,026 per ounce on sales of 121,144 ounces gold and 3,324 tonnes copper.
• Revenue of $179.5 million with Earnings Before Interest, Depreciation and Amortisation (“EBITDA”) of $64.4 million and a Net Profit of $12.4 million.
• Cash balance of $86.5 million with total immediately available liquidity of $136.5 million.
• Exploration success continued in New Zealand with initial resource announced at WKP and increased resource for the Martha Underground Project.
• Upgraded regrinding circuit installed and being commissioned at Haile including the Tower Mill and IsaMillTM.
• Didipio received four awards at the Global CSR Awards in Malaysia, including top honours for Environment Excellence and Women Empowerment.
• Consolidated 2019 production and cost guidance maintained.
Mick Wilkes, President and CEO said, “Our start to the new year consisted of solid operating and financial performance from Didipio and Macraes and major steps forward in advancing our organic growth initiatives particularly at Waihi. It did, however, include continued mining challenges at Haile. With multiple operations, we were able to achieve good cash flows and a positive return which positions us well for the remainder of the year.”
“At Haile the first two months of the year were challenging for us with low production, productivity and high costs. For much of the quarter the mine remained saturated following the heavy rainfall experienced in the fourth quarter and start of the year. Access to higher grades were restricted and pre-stripping the saprolitic clay material proved challenging.” He added, “Although the Company mined lower tonnes and grades in the upper zones of Snake pit than expected, the reconciliation has recently better aligned with our resource model as we’ve mined lower benches. Improvement plans implemented this year became effective in March with a considerable improvement to productivity and production.”
“Didipio continues to deliver consistently positive results with strong operating performance and continued ramp-up of underground operations. Didipio maintains its standing as a world-class mining operation with industry leading safety performance while continuing to receive multiple global accolades for environmental and social performance.”
“In New Zealand, Macraes had another strong quarter of production and strong margins on the back of strong head grades from Coronation North. At Waihi, production was lower as expected due mainly to mine sequencing whereby we are mining lower grade zones of Correnso Deeps and other veins.”
“Organic growth initiatives continued to advance well with a focus on the Martha Underground mine planning and resource drilling, WKP exploration and Golden Point underground study at Macraes. In addition, the process plant expansion at Haile is on track including the installation and commissioning of the IsaMillTM with the tie-in taking place successfully in early April.”

Table 1 – Production and Cost Results Summary

see & read more on
https://www.oceanagold.com/wp-content/uploads/2019/04/190429-OceanaGold-Q1-2019-Results-News-Release.pdf



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