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Oceana Has Golden Year

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Feb 25 NZPA - Listed gold mining stock OceanaGold Corporation has reported what it says is an exceptional performance with a more than 60 percent rise in earnings before tax of $US106.2 million ($NZ150 million) for the year to December 31.

The $US106.2 million in reported earnings for the year, before interest, tax, depreciation and amortisation including gains/losses on undesignated hedges (ebitda), compared to US$66.1 million in 2008.

Full year gold sales were 300,044 ounces, up 14 percent on the previous year.

OceanaGold recorded cash costs for the year of $US411 per ounce, a 23 percent rise on the 2008 financial year.

The company's full year gold production of 300,391 ounces now ranked as the fourth largest Australasian based gold producer, OceanaGold said.

Cash operating margins remained robust and were higher 30 percent higher than 2008 at $US379 per ounce.

Chief executive Paul Bibby said the performance was a result of management management focus on operational efficiencies, increased ore grades from the Macraes open pit and higher tonnages from the Frasers underground, both in east Otago.

Mr Bibby said other highlights included full year cash flow from operations of $US94.2 million and an increase of 876,000 ounces to the company's New Zealand mineral reserves.

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