OceanaGold achieves record gold production

OceanaGold Corp delivered record annual gold output and met its production guidance for the sixth consecutive year in 2017.

The dual-listed company produced 574,606 ounces (oz) of gold from its four international mines, a 38 per cent increase on the 416,741oz it recorded in 2016.

A key reason for the improvement was the introduction of the Haile gold mine to OceanaGold’s production profile, with the United States-based operation producing 118,466oz over the year.

OceanaGold also had a strong finish to the year, producing 166,211oz in fourth quarter 2017.

Mick Wilkes, OceanaGold president and chief executive, said the fourth quarter performance was also a quarterly record for the company.

“The Haile operation delivered a strong quarter with recoveries above 80 per cent and mill availability around 90 per cent as expected in its first full quarter of commercial operations,” Wilkes said.

“The process plant is operating at nameplate capacity and we expect to commence permitting of the expansion in the second quarter.”

OceanaGold expects to increase production at Haile even further in 2018.

In the current quarter, OceanaGold plans to start the permitting process for a mine life extension at Waihi in New Zealand. At Didipio in the Philippines, OceanaGold has mined ore from the first underground stope and stockpiled it at surface for processing.

“Although production at Didipio will be lower in 2018 compared to last year, the ramp-up of the underground is progressing well and we expect a return to stronger production in 2019 and beyond,” Wilkes added.

OceanaGold produced 176,790oz at Didipio in 2017, while in New Zealand output at the Macraes and Waihi mines reached 160,266oz and 119,084oz, respectively.

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