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OceanaGold forecasts YOY rise in FY'17 gold output

OceanaGold Corp. produced 416,741 ounces of gold and 21,123 tonnes of copper in 2016, compared to 419,153 ounces of gold and 23,109 tonnes of copper a year ago.

Gold production for 2016 was within the guidance range, while copper production beat its forecast, according to a Jan. 30 release.

Gold sales for the year totaled 437,146 ounces, while copper sales stood at 21,413 tonnes, compared to 401,350 ounces of gold and 22,764 tonnes of copper sold in 2015.

All-in sustaining costs totaled US$708 per ounce, slightly lower than US$709 per ounce recorded for 2015.

In the fourth quarter of 2016, OceanaGold produced 102,428 ounces of gold and 3,765 tonnes of copper.

Production in the fourth quarter of 2015 stood at 119,500 ounces of gold and 5,591 tonnes of copper.

In 2017, the company expects to produce 550,000 ounces to 610,000 ounces of gold and 15,000 tonnes to 17,000 tonnes of copper at estimated all-in sustaining costs between US$600 per ounce and US$650 per ounce. It attributed the projected rise in 2017 gold output to the addition of high margin ounces from the Haile gold mine in the U.S. and the Macraes project in New Zealand.

Capital expenditure during the year is forecast between US$211 million and US$252 million, of which US$101 million to US$113 million will fund the growth projects at OceanaGold's Didipio, Haile and Waihi operations.