Tuesday 30th April 2013
|Text too small?|
OceanaGold, the operator of the Macraes gold field in central Otago, posted a first-quarter profit after producing more gold and benefitting from cash costs less than half the level of a year earlier.
Profit was $US$7.1 million in the three months ended March 31, from a loss of US$3.9 million a year earlier, the Melbourne-based company said in a statement. Sales rose to US$95.6 million from $88.6 million.
The year-earlier loss reflected lower-than-expected production after maintenance shutdowns at Reefton and Macraes and adverse foreign exchange movements. In the latest quarter the company produced 48,139 ounces of gold from Macraes, 12,447 ounces from Reefton and 6,877 ounces from Didipio in the Philippines. The company also produced 3,663 tonnes of copper in the first quarter.
Total material mined in the first quarter of 2013 was 18.4 million tonnes. Exploration expenditure was US$1.8 million, of which US$1.4 million was spent in New Zealand.
The company sold a total 55,585 ounces from New Zealand in the first quarter, up from 51,852 ounces a year earlier. The average price fell to US$1,632 an ounce from US$1,708.
The cash operating margin jumped to US$945 an ounce from US$582 an ounce, though was down from US$1,068 an ounce in the fourth quarter of 2012.
Shares of Macraes last traded at $2.55 on the NZX and have tumbled36 percent in the past six months.
No comments yet
NZ dollar eases after another Brexit failure
SkyCity, Fletcher won't name their insurers
NZ stocks smacked by smelter review, SkyCity fire
No govt cash for Tiwai Point - Woods
Strong dairy exports narrow Sept trade deficit
Rio Tinto reviewing future of Tiwai Point smelter
SkyCity convention centre damages dispute murkier after fire
Air NZ ends LA-London service; 155 jobs at risk
Kiwi dollar up against UK pound on Brexit ructions
Contractor retentions regime a lemon, industry told