PERTH (miningweekly.com) – Dual-listed gold miner OceanaGold has reported record quarterly revenues for the three months to March, on the back of record production from the Didipio operation, in the Philippines.

“We had another strong quarter of production and financial results with record quarterly earnings, earnings before interest, tax, depreciation and amortisation, and net earnings on the back of higher sales and lower operating costs,” said MD and CEO Mick Wilkes.

Gold production for the March quarter reached 86 568 oz, compared with the 67 463 oz produced in the previous corresponding period, with the Didipio mine delivering a record 30 480 oz during the quarter.

Copper production at Didipio reached 6 479 t during the quarter.

The company attributed the increased production at Didipio to the advancement of debottlenecking at the processing plant, to achieve a throughput rate of 3.5-million tonnes a year.

At its New Zealand operation, OceanaGold delivered 56 088 oz of gold during the quarter, which was in line with expectations, but lower than the previous quarter as a result of lower mill feed and lower ore grades.

The company noted that the re-optimisation of the Macraes mine plan early in the year resulted in less material being mined than in previous quarters, which significantly lowered operating costs and improved margins in the lower gold price environment.

Mining operations at Macraes were temporarily suspended in April, following a pit wall failure, which restricted access to the underground mine. The process plant remained operational during this time. By April 24, underground production had resumed.

Meanwhile, OceanaGold reported that revenue for the quarter under review reached a record $170.4-million, while net profit was $58.9-million.

“For the remainder of the year, we will continue to further strengthen the balance sheet by repaying debt to enhance shareholder value and position the company for new value-add opportunities,” Wilkes said.