OceanaGold posts $478.3-M revenue

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AUSTRALIAN miner Oceana-Gold Corporation reported consolidated total revenue of $478.3 million for the first nine months of 2017, with earnings before interest, tax, depreciation and amortization (EBITDA) of $259.8 million and net profit of $83.1 million.

Revenue for the third quarter was $144.8 million with EBITDA of $73.4 million and net profit of $21.7 million.
“I am pleased with our third quarter performance with higher gold production and steady financial results,” Mick Wilkes, OceanaGold president and chief executive officer, said in a statement on Friday.

OceanaGold is a mid-tier, high-margin, multinational gold producer with assets located in the Philippines (Didipio Mine), New Zealand (Waihi Gold Mine, Macraes Goldfield and Frasers) and the United States (Haile Gold Mine).

For 2017, the company expects to produce 550,000 to 600,000 ounces of gold and 18,000 to 19,000 tons of copper.

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In the Philippines, OceanaGold operates the Didipio Gold-Copper Mine located in Barangay (village) Didipio in the mineral rich upland town of Kasibu in Nueva Vizcaya.

In the first nine months of this year, the Didipio Mine produced 137,534 ounces of gold and 14,664 tons of copper while third quarter production was 31,887 ounces of gold and 4,387 tons of copper. Gold sold from Didipio Mine reached 124,308 ounces in the nine months while copper sold reached 13,249 tons.

OceanaGold said that on a consolidated basis, including attributable production from the Haile Gold Mine, the company has produced 408,394 ounces of gold and 14,664 tons of copper in the first nine months of this year.
Third quarter output reached 136,043 ounces of gold and 4,387 tons of copper.

OceanaGold also declared its second semi-annual dividend of $0.01 per share for 2017. It ended the third quarter with immediate liquidity of $118.4 million including $61.2 million in cash.

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