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OceanaGold expects 35% YOY increase in FY'17 gold production

OceanaGold Corp. expects to produce between 550,000 ounces and 610,000 ounces of gold in 2017, representing a 35% increase on a yearly basis, due to incremental output from the Haile gold mine in South Carolina.

The mine is nearing completion of construction and commencement of wet commissioning, the company said in a Dec. 12 release.

All-in sustaining costs in 2017 are expected to be 15% lower than in 2016 at between US$600 and US$650 per ounce, driven by lower costs expected from the Didipio gold mine in Philippines and the inclusion of high margin ounces from Haile.

The company expects to produce 385,000 ounces to 425,000 ounces of gold this year at AISC of US$700 per ounce to US$750 per ounce.

Meanwhile, copper production is expected to fall between 15,000 tonnes and 17,000 tonnes in 2017 from anticipated output of 19,000 tonnes to 21,000 tonnes of this year.