Friday 1st August 2008
|Text too small?|
OceanaGold, operator of New Zealand's biggest gold mine, posted a second-quarter loss on unrealized hedges as energy costs rose.
The net loss was US$19.2 million in the three months ended June 30, from a profit of US$16.5 million a year earlier, the company said in a statement. Excluding the impact of hedge gains and losses, EBITDA was US$1.1 million, down from US$2.8 million.
OceanaGold, whose stock trades on the NZX and ASX, said it is on track to meet its 2008 production guidance of 265,000 to 275,000 ounces. Still, rising costs, especially for fuel, means the company has revised its cash cost guidance to US$560 to US$595 an ounce.
The company's statement of operations shows it took a loss of US$10.4 million on the fair value of undesignated hedges, from a gain of US$38.9 million in the same quarter a year earlier. Revenue from gold sales rose to US$53 million from US$22.6 million.
The shares have fallen 60% this year.
No comments yet
OceanaGold to buy Pacific Rim Mining for C$10.2M to gain control of El Dorado Gold Project
OceanaGold takes US$85.5M impairment as gold price falls
Plunging gold price prompts OceanaGold Corp to put off production at its Reefton mine
OceanaGold full year profit falls, despite Q4 uplift; shares dip
OceanaGold to lift gold output as Didipio comes on stream
OceanaGold to raise up to C$108M
OceanaGold dips into red in 3Q as margins squeezed
OceanaGold's Blackwater drilling results consistent with past production
OceanaGold shares reach 22-month high as Didipio start looms
OceanaGold 2Q profit plunges 82% on falling gold prices