OceanaGold 1Q profit drops on reduced sales; to buy Waihi gold mine

Wed, 29 Apr 2015

By Paul McBeth April 30 (BusinessDesk) - OceanaGold Corp, which operates the Macraes gold mine in Otago, reported a 58 percent drop in first-quarter profit with sales down from a year earlier, and announced plans to buy the Waihi Gold Mine for US$101 million. Net profit fell to US$24.5 million in the three months ended March 31, from US$58.9 million a year earlier, the Melbourne-based company said in a statement. Sales declined 24 percent to US$129.3 million and earnings before interest, tax, depreciation and amortisation sank 40 percent...

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