• Philippine Resources

OceanaGold Releases 2020 Preliminary Operational Results

OceanaGold Corporation has released its preliminary full year and 4th Quarter 2020 operational results - which are yet subject to finalisation. The firm will announce its complete audit report after the TSX market closes on February 18, 2020 (Toronto eastern standard time).

Some of the achievements include the following:

  • A full-year gold production of 301,675 oz, which includes 99,155 oz produced in the 4th quarter of 2020

  • Haile has come out with 48,988 oz in the 4th quarter and 137,413 for the full year

  • First production of Martha Underground progressing which started in the 2nd quarter of 2021

  • Unaudited consolidated all-in sustaining costs (AISC) for the year of US$1276/oz sold and the cash costs of US$866/oz sold

  • Finished the 4-year US$250 million revolving credit facility with the maturity date of December 31, 2024

“We delivered a strong 4Q20 of production, consistent with our core value to deliver on our commitments,” said Michael Holmes, President and CEO of OceanaGold. “Despite the ongoing risks associated with the COVID-19 global pandemic in the US, Haile achieved its full-year production guidance with 137 413 gold oz produced including 48 988 oz in 4Q20. The risks associated with the management of COVID-19 remain, and we are focused on keeping our workforce safe while delivering on our commitments. We expect the continued mining of high-grade zones at Haile through the 1H21.”

He added, “In New Zealand, both Macraes and Waihi operations delivered full-year production guidance with 144 487 and 19 775 oz of gold, respectively. Development of the Martha Underground continues to advance, and we expect the first production at the end of 2Q21. Meanwhile, at Macraes, development of Golden Point Underground is progressing well with first production on-track for 4Q20. Over 30 000 m were drilled in the Waihi District through 2020 with 4Q20 activities focused on resource conversion drilling at Martha Underground and Wharekirauponga.”

He noted, “In December, the company met with Philippine government officials, as instructed by the Office of the President, to finalise the terms and conditions of the FTAA renewal. We expect the renewal will be returned to the Office of the President for review and approval in the near-term. Didipio is a world-class operation that employs thousands of Filipinos and is a significant source of economic benefit to the National government as well as the local communities of Nueva Vizcaya and Quirino. We look forward to working with stakeholders and government officials to safely restart operations and continue the significant socio-economic benefits when the renewal has been approved. OceanaGold is a responsible gold mining company that is focused on operating to the highest social and environmental international standards and considers Didipio the template for responsible mining globally."

"Looking ahead to 2021, we expect stronger y/y production. Our robust organic growth pipeline is advancing to plan, and we are excited to bring Martha Underground into full production in 2Q20. Exploration remains a critical part of the OceanaGold story, and we will continue to invest in the drill bit to discover and convert ounces at each of our operations. OceanaGold is a dynamic and resilient gold miner with an exciting future, and we look forward to releasing our inaugural multi-year guidance on 18 February 2021 and hosting a webcast to better define the future of the business.”


2nd Floor, Suite 6,

Corinthian Plaza Building,

Paseo De Roxas, Legaspi Village,

Makati, Philippines

Phone: +632 251 5599

Subscribe to Our Newsletter

  • White Facebook Icon

© Philippine Resources Journal