AUSTRALIAN miner OceanaGold Corp., which owns and operates the high-grade gold-copper Didipio Mine in northern Luzon, has declared a $0.04 per common share dividend, or an aggregate dividend of about $12 million, after posting a record profit for 2014.
On Thursday, OceanaGold said that for a second consecutive year and despite a lower average gold and copper price received, it achieved record revenue of $563.3 million and a net profit of $111.5 million.
“This follows another strong year of financial and operational performance across the Company where we achieved record annual revenue and earnings and generated significant free cash flow,” said Mick Wilkes, managing director and chief executive officer of OceanaGold.
He said that despite the lower gold price over the past two years, the company has strengthened its balance sheet through the repayment of nearly $150 million in debt while increasing its cash position.
For the full year 2014, its earnings before interest, taxes, depreciation and amortization (EBITDA) was $239.8 million.
It said it achieved production at the high end of the guidance range with 307,463 ounces of gold and 25,010 tonnes of copper produced for 2014.
Wilkes said that for the same year, Didipio exceeded its production guidance range with 106,256 ounces of gold and 25,010 tonnes of copper, which included record quarterly gold production of 34,783 ounces in the fourth quarter.
In New Zealand, he said the company also achieved its consolidated full-year guidance for the operations with 201,207 ounces of gold produced.
Wilkes added that the company also expects to produce 295,000 to 335,000 ounces of gold from the combined New Zealand and Didipio operations and 21,000 to 23,000 tonnes of copper from the Didipio operations in 2015.
Meanwhile, the company said that last year it reduced its total debt by $77.4 million while increasing its cash position to $51.2 million. “Over the past two years, the Company has reduced its total debt by $149.4 million,” it said.
OceanaGold is a significant multinational gold and copper producer with over 24 years of operating sustainably in New Zealand and more recently the Philippines. Its flagship operation is the Didipio Mine located in Kasibu Town in the province of Nueva Vizcaya in northern Philippines, which commenced commercial production on April 1, 2013 and has a current mine life to 2030.
In New Zealand on the South Island, OceanaGold operates the country’s largest gold operation at the Macraes Goldfield and the Reefton Gold Mine on the west coast.