OceanaGold Corporation
OceanaGold Corporation
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International miner OceanaGold warns the timeline for a revival of its Didipio gold and copper mine in the Philippines remains uncertain despite a breakthrough in talks with government agencies on the renewal of its formal approval.
Significantly higher Q4 production from its Haile (USA) and Macraes (NZ) mines helped international miner OceanaGold deliver gold production of 301,700oz for the year to end-Dec (FY2020).
The result, down from its FY2019 result of 470,600oz, follows the loss of production from its shuttered Didipio project in the Philippines. AISC for the year rose to $US1,276/oz (FY2019: $1,061/oz).
Stronger production from its Macraes gold mine in New Zealand’s Otago province has enabled international miner OceanaGold to overcome COVID-induced reductions compounded by record rains at its Haile project in the USA and lift its Sept qtr (Q3) production to 63,136oz, up from its Q2 dip to 58,700oz.
Q3 AISC rose to $US1,695/oz (Q2: $1,265/oz), attributed to higher planned sustaining capital investments primarily at Macraes and pre-stripping at Haile.
Nearly 900 Filipino workers have suffered the outcome of a local government blockade of the Didipio gold-copper mine on Luzon Island, with international miner OceanaGold announcing permanent layoffs of 496 direct employees and about 400 employees of contractors.
OceanaGold has struggled to continue operations at the world-class mine while mounting so-far unsuccessful legal challenges to the 15-month blockade.
Gold miner Sandfire Resources has sold its stake in the Sams Creek Gold Project in the NW of New Zealand’s South Island to fellow Western Australian Auris Minerals for $A23.2M cash and shares, giving it a 19.9% cornerstone shareholding in Auris.
International miner OceanaGold has extended the forecast life of its Haile gold mine to 2033, based on mineral reserves only, in an NI 43-101 compliant technical report on the South Carolina, USA project.
The study outlines average production of 180,000-200,000ozpa, increasing to about 250,000ozpa in 2023-27 incorporating combined openpit and underground mill feed. LOM AISC is forecast at about $800/oz.
Australian-based international explorer Santana Minerals is seeking to revive one of New Zealand’s richest past gold mines with agreement to acquire the Bendigo-Ophir project in the Otago Goldfields through the all-shares acquisition of its current private owner, Matakanui Gold.
Completion of an initial reserve of 160,000oz gold for the Golden Point underground project has enabled international miner OceanaGold to extend the forecast mine life for its Macraes mine in New Zealand’s South Island to 2028.
After nearly 30 years, NZ’s largest gold mine was expected to end its life this year. OceanaGold has now extended the forecast life of its Frasers Underground operation to 2022 while Golden Point Underground starts production in 2021.
The COVID-19 pandemic has forced mid-tier, multinational gold/copper producer OceanaGold to cut its Dec 2020 year (FY 20) gold expectations again.
This time to between 295,000oz-345,000oz at AISC $US1,150oz-$1,250oz from last month’s cut to 340,000oz-360,000oz from 360,000oz-380,000oz and ASIC from $1,075oz-$1,125oz to $1,050oz-$1,100oz.
Gold miner Oceanagold has again cut FY 20 output expectations for its global operations in the wake of the COVID-19 pandemic