OceanaGold Highlights Efforts to Overcome Covid-19 Crisis

SEATTLE (Scrap Monster):  OceanaGold Corporation provided corporate update on the company’s ongoing efforts to deal with near-term risks associated with the Covid-19 pandemic crisis.

According to Michael Holmes, President and CEO, the health and wellbeing of its workforce continues to be the top priority, which is evident from the stringent protocols implemented at each of its operations. The company remains focused on delivering its commitments and advance its exciting growth opportunities, he added.

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The protocols have adversely impacted staffing levels at Haile, thus leading to revision of near-term mine plan. The Haile’s 2020 production is expected to range between 135,000 and 175,000 ounces of gold at an All-In Sustaining Cost (AISC) of between $1,100 and $1,400 per Oz sold. Also, Macraes operations in New Zealand have been badly impacted by a five-week government shutdown. Consequently, the company has reduced the mine’s production guidance to between 140,000 and 150,000 ounces of gold at an AISC range between $1,150 and $1,250 per ounce sold.

In spite of five-week interruption to development activities, the company expects first production from Martha Underground during the second quarter next year. Further, the Golden Point Underground study is expected to complete during this quarter.