OceanaGold exceeds full-year output guidance
PERTH (miningweekly.com) – Dual-listed OceanaGold has exceeded its production guidance for 2012, on top of reporting a 55% increase in gold production for the three months to December.
During the full year, the miner produced 232 909 oz of gold from its operations in New Zealand, which was above the previous guidance of between 225 000 oz and 230 000 oz.
The full-year results were driven by the 55% increase in production during the December quarter, which reached 76 844 oz. OceanaGold said on Thursday that the increase in production was the result of mining higher-grade ore at both the Macraes and Reefton operations.
The Macraes goldfield produced 58 872 oz during the fourth quarter, up 60% on the previous three months, as a result of higher grades and improved gold recoveries.
The Reefton goldfield reported fourth-quarter production of 17 972 oz, representing an increase of 42% on the previous quarter, which OceanaGold also attributed to higher grades through the mill from the Souvenir pit, as well as improved gold recoveries.
“We are very pleased with our performance in 2012. New Zealand operations had a strong fourth quarter as planned, and Didipio continued to achieve each key milestone on schedule, including the start of commissioning,” said MD and CEO Mick Wilkes.
He added that 2013 would be a transformational year for the company as it ramped up commissioning at Didipio and transitioned into steady-state operations.
“The focus of commissioning activities is now on increasing copper and gold recoveries and ramp-up of the plant throughput. We are on track to deliver on expectations to mill 2.5-million tons a year at Didipio in 2013,” Wilkes said.
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