OceanaGold Produces 362,807 Ounces In 2021, 106,591 In Q4

OceanaGold Corporation (TSX: OGC) shared today its preliminary results for the fourth quarter and full-year 2021. The firm reported consolidated gold production of 362,807 ounces for the year, hitting above the guidance midpoint of 350,000 – 370,000 ounces.

Breaking down the annual production results, its Haile gold mine in the US contributed “an annual record” of 189,975 ounces, its Didipio gold-copper mine in the Philippines contributed 14,863 ounces, while its Macreas and Waihi gold mines in New Zealand contributed 130,287 ounces and 27,682 ounces, respectively.

2021 gold production2021 gold production guidance
Haile189,975 ounces175,000 – 180,000 ounces
Didipio14,863 ounces7,000 – 12,000 ounces
Macreas130,287 ounces138,000 – 143,000 ounces
Waihi27,682 ounces30,000 – 35,000 ounces

The firm said that operations at the New Zealand mines did not meet the guidances due to the impact of “various local and regional COVID-19 restrictions.”

Gold sales for the year came at 381,562 ounces at an average gold price of US$1,821 per ounce. All-in sustaining costs ended at US$1,247 per ounce and cash costs at US$742 per ounce, both meeting the corresponding 2021 guidances of US$1,200 – US$1,250 per ounce and US$725 – US$775 per ounce, respectively.

For Q4 2021, the firm produced 106,591 gold ounces, an increase from the previous quarter’s 79,177 ounces. Quarterly gold sales ended at 105,336 ounces at an average price of US$1,806 per ounce, also up from last quarter’s 97,445 ounces at US$1,797 per ounce.

The company also said it increased its cash balance to US$133 million with total immediate available liquidity increasing to US$163 million for the year.

“We are delivering on our commitments by achieving our full-year consolidated guidance and generating positive free cash flow for the first time in over two years,” said acting CEO Scott Sullivan.

OceanaGold Corporation last traded at $1.94 on the TSX.

Information for this briefing was found via Sedar and OceanaGold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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