OceanaGold Reiterated 2024 Guidance Despite Dip in Q2 Output

SEATTLE (Scrap Monster): OceanaGold Corporation reported its operational and financial results for the three and six months ended June 30, 2024.  The company reiterated its 2024 output, cost and capital guidance, despite dip in Q2 output.

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The miner reported production of 98,200 ounces of gold and 2,800 tonnes of copper during the second quarter of the current year, which is lower by 6% when compared with the prior quarter. Upon comparison with the same quarter a year before, the production posted significant decline by 24%.

The dip in production was mainly on account of planned lower production at Macraes, New Zealand and lower production from Didipio, Philippines.

The year-to-date production totalled 203,000 ounces, down by 18% from that of last year, said the company press release.

The revenues during the quarter recorded sharp decline by 17% year-on-year to $25.2 million, whereas the adjusted net profit stood at $34 million in Q2 this year.

According to Gerard Bond, CEO, OceanaGold Corporation, the company remains positioned to deliver on 2024 guidance and expect to generate strong free cash flow for the remainder of the year, despite lower-than-expected production from Didipio and Waihi. The company’s production guidance for the year stands at 510,000 ounces to 570,000 ounces of gold and 12,000 tonnes to 14,000 tonnes of copper.