OceanaGold says gold sales below expectation
OceanaGold Corp, which operates the Macraes and Reefton goldfields in the South Island, said its gold sales for 2010 were slightly below expectation.
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OceanaGold Corp, which operates the Macraes and Reefton goldfields in the South Island, said its gold sales for 2010 were slightly below expectation.
The company sold 68,027 ounces of gold in the fourth quarter, taking sales for 2010 to 268,087 ounces.
This was 10.6 percent lower than 2009 and was slightly below expectations for the year.
The company releases its annual result on February 17.
It said today that revenue for the fourth quarter was $US93.8 million ($NZ121 million) based on an average gold price of $US1379 per ounce.
Operational expenditures for the fourth quarter were $US39.9m, excluding depreciation, amortisation and general and administrative expenses. Unaudited cash costs were $US596 per ounce for the fourth quarter and $US570 per ounce for the full year, which is within previous full-year guidance.
Exploration costs in the fourth quarter were $US3.3m. This included both surface and underground resource drilling at the Macraes mine, within the current Frasers and historic Innes Mills pits, and testing the down-dip extension of mineralisation at Round Hill adjacent to the processing plant.
An infill drilling programme was completed at the historic Ounce mine, located five kilometres south of the current mining area.
OceanaGold shares rose 25 cents to $NZ3.50 on NZX today.
NZPA
Mon, 31 Jan 2011
Mon, 31 Jan 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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OceanaGold says gold sales below expectation
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