OceanaGold 2020 Guidance Pegs Haile Gold Mine Production Surge

SEATTLE (Scrap Monster): Melbourne, Australia-based OceanaGold Corporation announced its production and cost guidance and capital investment program for the current year.

According to the company, it is highly committed to regain its status as one of the best gold mining companies in the world. It plans to operate its existing portfolio in the most optimal way, by maintaining the highest environmental, health and safety standards.

The ongoing enhancement of open pit operations at Haile mine is expected to increase mine productivity significantly. The changes at the mine would ensure operational flexibility. OceanaGold expects the mine to deliver an additional 25% of gold production in 2020, in comparison with the previous year.

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The company foresees combined gold production of around 360,000 oz. to 380,000 oz. of gold from its three operations in New Zealand and the US in 2020. This is significantly lower when matched with the last year production of 470,601 oz.

The Haile open-pit mine in South Carolina is expected to contribute 180,000 oz. to 190,000 oz. This compares with the 2019 production of 146,131 oz. The company plans to invest $115 million to $130 million at teh mine during this year. OceanaGold foresees production from the Macraes mine in New Zealand at 160,000 oz. to 170,000 oz.