OceanaGold posts record FY16 revenue, net profit
PERTH (miningweekly.com) – Gold miner OceanaGold has reported record revenue for the financial year ended December 31, with net profit more than doubling.
The ASX- and TSX-listed company has reported revenue of $628.6-million for the year, compared with revenue of $507.9-million in 2015, while net profit increased to $136.4-million, from $53-million in 2015.
The revenue increase was driven by an 8% increase in the average gold price received; however, OceanaGold noted that the year-on-year increase was partially offset by lower copper sales.
Gold production for full-year 2016 remained nearly stagnant at 416 741 oz, compared with the 419 153 oz produced in the previous financial year, while copper production was down from 23 109 t to 21 123 t over the same period.
Gold sales volumes, however, rose from 401 350 oz in 2015 to 437 146 oz in the 2016 financial year, while copper sales decreased from 22 764 t in 2015 to 21 413 t for the year under review.
Meanwhile, earnings before interest, taxes, depreciation and amortisation were up from $193.4-million at the end of 2015, to $283.6-million.
“OceanaGold achieved strong financial results from our portfolio of high-quality assets in 2016. With growth in production and higher margins expected in 2017, we are further strengthening our financial results and balance sheet,” said OceanaGold MD and CEO Mick Wilkes.
“We expect this year to unlock significant growth opportunities in the business, particularly in New Zealand and the US. Commissioning of Haile continues to advance well and we expect to announce commercial production early in the second quarter.
“We will continue to create value through exploration supported by a larger exploration spend in New Zealand and the US, and will also complete studies for the potential expansion of Haile and the exciting Martha project, at Waihi,” Wilkes said.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation