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23/2/2018 — Gold
Record profit for OceanaGold
By Ross Louthean

The growing stature of OceanaGold Corporation (TSX & ASX: OGC) was reflected late yesterday when the company announced a record net profit for 2017 of $US172 million as well as a record December quarter profit of $US89 M.

Another milestone for the company which began its operating life with the Macraes gold project, north of Dunedin, was striking a record full year revenue of $US724 M, including a record December quarter result of $US246 M.

EBITDA for the year was $US408 M. The performance allowed OceanaGold to reduce net debt in the fourth quarter by $US88 M, leaving a tally of $US78 M.

Total liquidity for the company increased to $US103 M including an increase in the cash balance from $US61 M to $US73 M.

The company declared a dividend of US1 cent equivalent will be payable in April.

The company said a recent highlight has been continued exploration success at Waihi.

Chief executive Mick Wilkes said the fourth quarter delivered significant results, including Haile in South Carolina where the new process plant achieved throughput rates higher than nameplate and recoveries averaging 83%.

“We are well positioned to continue to deliver strong margins and returns to shareholders in 2018,” Wilkes said.

“The solid cash flow generation expected from the business provides us with financial flexibility and allows us to continue reducing debt, returning wealth to shareholders in the form of dividends and reinvest in the business' organic growth opportunities including the Haile expansion and Waihi mine life extension.

In the December quarter Haile produced 50,134 ounces, Didipio 39,256 oz (and 3,687 tonnes of contained copper), Waihi 31,761 oz and Macraes 45,060 oz.

For the full year Haile produced 118,466 oz, Didipio 176,790 oz (18,351t Cu), Waihi 119,084 oz and Macraes 160,266 oz.

PDF File Results presentation. (1.2 megabytes)
PDF File Financial statement. (902.7 kilobytes)
Companies mentioned in article
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